California voters reject proposed one-time tax on billionaires’ wealth

California voters have rejected Proposition 40, a proposed one-time tax on billionaires’ wealth, The Guardian reports.

The measure’s defeat followed what the newspaper described as the most expensive ballot-measure campaign in California history, fuelled by Silicon Valley money. The contentious campaign involved back-and-forth dealings among technology billionaires and Democratic leaders.

Sources

• California voters fail to pass proposed one-time tax on billionaires’ wealth