California voters rejected Proposition 40, the one-time 5% tax on billionaires, the AP reported Monday. Tech leaders outspent backers roughly 10 to 1 to defeat it, and the founders and economists TechCrunch interviewed before the vote were split on whether it would have driven out wealthy residents or just trimmed their fortunes.
California’s proposed ‘billionaire tax’ fails to pass
TE TechCrunch 
Key takeaways
California voters rejected Proposition 40, a proposed one-time 5% wealth tax on residents with over $1 billion in net worth. The measure, which aimed to fund public programs like Medi-Cal, failed despite support from labor unions.
- Proposition 40 proposed a one-time 5% tax on California residents with net worth exceeding $1 billion.
- Supporters projected the tax could raise up to $100 billion to fund programs including Medi-Cal.
- Gov. Gavin Newsom opposed the measure, which pitted labor unions against wealthy tech figures.
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