California’s Prop 40: Californians reject wealth tax targeting billionaires
Reported by BBC News ·
Voters turn down the measure
California voters rejected a proposal to tax the wealth of the state’s billionaires. The measure would have created a tax aimed specifically at the ultra-wealthy. Experts believed approval would have made it the first wealth tax in the world targeting billionaires. The article gives no vote totals or details about the proposal’s rate.
Supporters cited budget needs
Backers argued the tax would require the ultra-wealthy to contribute what they considered a fair share. They also said the revenue could help cover gaps in California’s budget.
Billionaires opposed the proposal
Critics among the state’s billionaires spent millions seeking to defeat the measure. A handful reportedly moved out of California to avoid the tax if it took effect.
Key points
- California voters rejected a proposed wealth tax on billionaires.
- Experts believed approval would have created the world’s first wealth tax targeting billionaires.
- Supporters said the measure could help address state budget gaps.
- Sergey Brin gave more than $100m to an organisation backing ballot measures that could block the tax.