California voters have rejected Proposition 40, a proposed one-time 5 percent tax on the net worth of Californians worth more than $1 billion. The Associated Press called the measure defeated on Monday, 9 November, with 52.8 percent voting “no” against 47.2 percent voting “yes”.
The tax would have raised about $100 billion, most of it earmarked for healthcare programmes. Education and food-assistance programmes would also have received funds.
It was championed by US Senator Bernie Sanders and other progressive politicians as a remedy for economic inequality.
Outgoing California Governor Gavin Newsom came out against the measure, arguing it would prompt ultrawealthy and high-tech entrepreneurs to leave California.
Californian billionaires, including Google co-founder Sergey Brin, spent more than a quarter of a billion dollars campaigning against the measure.
The vote was held during the midterm elections.
Source: Al Jazeera; final margin via FirstPost.
