At a glance
California voters have defeated Proposition 40, rejecting a ballot initiative to tax the state's billionaires.123456
Under the proposed measure, billionaires would have faced a one-time 5% tax on their total wealth, including shares and business ownership.2345
The campaign surrounding the ballot measure became the most expensive in state history.15
The proposal divided traditional allies and Democratic leaders ahead of the vote.145
Where sources agree
- Voters rejected the wealth tax measure6 of 6
- The measure was designated Proposition 404 of 6
- The proposal set a one-time 5% tax on billionaires4 of 6
- The campaign broke state spending records2 of 6
Where sources differ
What percentage of voters opposed Proposition 40?
According to the Associated Press, 52.8% of voters rejected the measure.2
According to the Associated Press, 53.8% of voters rejected the measure.6
Who covered this
Sources
- 1CBS NewsCalifornia voters reject billionaire wealth tax, CBS News projects ↗
- 2New York PostCalifornia voters officially reject controversial billionaire tax in setback for progressive agenda ↗
- 3BBC NewsCalifornians reject wealth tax for billionaires ↗
- 4NPRCalifornia voters defeat billionaire tax proposal that divided Democrats ↗
- 5The GuardianCalifornia voters fail to pass proposed one-time tax on billionaires’ wealth ↗
- 6Washington ExaminerCalifornia billionaire wealth tax fails, dashing liberal dreams ↗
Based on reporting from these reputable newsrooms and reviewed by Orbit’s editors. A fact appears only when at least two sources report it. Orbit is not affiliated with these publishers.
