In one of the most expensive ballot fights in California history, opponents heavily outspent supporters of a billionaire tax to mostly fund healthcare. On Wednesday, the wealth tax appeared headed for defeat though results on Proposition 40 were too close to call.

cross-posted from: https://lemmy.world/post/54152859

Proposition 40, which would impose a one-time 5% tax on California billionaires to help fund healthcare, appeared headed for defeat, though votes were still being counted.

Opponents raised hundreds of millions of dollars to fight the measure, far outspending supporters, who argued the tax could help offset federal healthcare cuts.

The campaign also faced opposition from Gov. Gavin Newsom, teachers, business groups and others, while voters weighed concerns about taxing assets and the possibility that billionaires could leave California.

    • bobs_monkey@lemmy.zip
      9·
      2 days ago

      The wealthy pumped I think over $300 million into ads against prop 40 and drafted 41+42 to sow confusion about it. As much as I’d like to hold my fellow Californians to a higher standard, it became incredibly murky by design. It doesn’t help that people really worry that billionaires would leave the state (they won’t), and that they’ll uproot their companies and take those jobs away (they won’t).

      There’s also a problem that too many Californians see themselves as temporarily embarrassed billionaires, so there’s that.

      Maybe you’re right, we really can be the common clay of the new west.