California voters have rejected Proposition 40, a proposed one-time 5% tax on the net worth of residents worth more than $1 billion. The measure would have directed most of the revenue toward health care, with additional funding for education and food assistance. Opponents, including…
California voters have rejected Proposition 40, a proposed one-time 5% tax on the net worth of residents worth more than $1 billion. The measure would have directed most of the revenue toward health care, with additional funding for education and food assistance. Opponents, including prominent tech leaders, argued the tax could drive wealthy residents out of the state.
(Produced by Ishita Das)
Source: Associated Press
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