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.

  • RipLemmDotEE@lemmy.today
    13·
    2 days ago

    I have an entire grocery bag of political mailers we I received this year, and almost half of that bag is “No on 40” flyers. My phone was getting 5 to 10 call per night with half those being No on 40, and I stopped even counting the text messages.

    Gavin Fucking Newsom worked overtime with his billionaire buddies to make sure the billionaire tax was dead. I don’t understand how people bought into the propaganda, but there are a lot of things people fall for that I will never be able to understand.