According to France 24, California voters have rejected a proposed 5% tax on the net worth of billionaires, handing a victory to tech leaders who poured hundreds of millions of dollars into defeating the measure. The defeat of Proposition 40 also marks a setback for progressives seeking to tax the wealth of the ultra-rich.
NPR reported that the novel proposal would have charged billionaires a one-time 5% tax on most of their overall wealth, including their ownership in companies.
According to Al Jazeera, the proposed measure would have imposed a one-time 5 percent tax on Californian billionaires to fund healthcare.
BBC News wrote that Proposition 40 targeted Californian billionaires with a 5% tax on their total wealth, including assets such as shares as well as income.
This brief draws on reporting by France 24, NPR, Al Jazeera and BBC News.
