California Voters Reject Landmark Billionaire Wealth Tax Proposal

RecentNews.uk

California voters defeated Proposition 40, a proposed 5% wealth tax on billionaires.

The measure aimed to raise $100bn to plug healthcare funding gaps resulting from federal cuts.

Tech leaders including Sergey Brin and Governor Gavin Newsom fiercely opposed the tax, citing fears of a wealthy exodus.

Labour unions have vowed to bring back a similar billionaire tax proposal by 2028.

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