California's billionaire tax failed, but 'tax the rich' measures succeeded elsewhere
Verified: 22 outlets in 13 countries have reported this story since Nov 10.
California's proposed billionaire tax went down to defeat, one of the final verdicts from voters in an election that saw a wave of anti-billionaire sentiment elsewhere. The official call from the Associated Press came nearly a week after election day at 9:28 p.m. ET on Monday and showed California's Proposition 40 down by over 5 percentage points with 83% of the votes counted. The referendum to amend California's constitution would have imposed a one-time 5% tax on California residents and trusts with assets over $1 billion on Jan. 1, 2026. Some assets, such as real property and certain…
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