California voters defeat billionaire tax proposal that divided Democrats
The novel proposal would have charged billionaires a one-time 5% tax on most of their overall wealth, including their ownership in companies.
- 1. California voters rejected Proposition 40 to impose a one-time five percent tax on billionaires.
- 2. Proposition 40 divided California Democrats, pitting Governor Gavin Newsom against progressive figures like Bernie Sanders.
- 3. Opponents of Proposition 40 outspent supporters by at least a five-to-one margin.
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