by Misty Severi
Proposition 40 would have imposed a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion. Most of the revenue would replace federal funding cuts to healthcare.
The Associated Press confirmed Monday night that California voters decided in the midterm elections to reject a measure that would have taxed the net worth of billionaires.
The outlet called the results just before 9:30 p.m. Eastern and revealed that 52.8% rejected Proposition 40, while 47.2% voted in favor. Nearly six million voters rejected the proposition, while 5.28 million said they'd approve it.
Proposition 40 would have imposed a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion. Most of the revenue would replace federal funding cuts to healthcare.
Members of both parties opposed the tax, including progressives who argued that the tax did not do enough because it was a one-time thing and only helped one area, according to NBC News.
Critics also claimed that it would cause the state's wealthiest residents to leave California quickly to avoid the tax.
Democratic California Gov. Gavin Newsom and gubernatorial candidate Xavier Becerra both opposed the measure, while Independent Vermont Sen. Bernie Sanders and California Democratic Rep. Ro Khanna supported it, per NBC News.
Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.
Source: https://justthenews.com/politics-policy/elections/california-voters-reject-billionaire-tax-measure
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