Business & Economy
California Voters Reject Proposition 40 Billionaire Wealth Tax
A rare loss for the left in the Golden State as the one-time tax on billionaires' net worth goes down.
By MARCUS HALEStaff Correspondent · CALIFORNIA · Nov 10, 6:52 PM · 1 min. read
Illustration · Liberty Bell Report
California voters have rejected Proposition 40, a proposed one-time tax on the wealth of the state's billionaires.
The Associated Press called the race Monday night, according to The Daily Wire, which noted the measure had the backing of Sen. Bernie Sanders and called the result a rare blow to the left in California. Breitbart reports that multiple news organizations forecast the measure's defeat on Monday.
The vote comes as coverage of California's economy has focused on billionaires weighing a move out of the state, and opponents of the tax argued it would only speed that exit.
Conservative outlets welcomed the outcome. RedState called it proof that even California voters can land on the side of common sense.
For taxpayers and job creators in the nation's largest state, the message from voters was clear: no new wealth tax.
Sources
- The Washington Times: California rejects pioneering wealth tax (link)
- Breitbart: California Voters Reject Punitive One-Time Tax on Billionaire Wealth (link)
- The Daily Wire: Voters Shoot Down Bernie Sanders-Backed Billionaire Tax (link)
- The Washington Times: California voters reject measure to tax the wealth of billionaires (link)
- RedState: California Voters Side With Sanity, Reject 'One-Time' Billionaires Tax (link)
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