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.

  • Pacattack57@lemmy.world
    21·
    3 days ago

    People really forget how good we had it when we had only like 4 billionaires. Thats when small businesses thrived and we had so many options for everything. Now only a handful of stores