California Voters Reject First US Billionaire Wealth Tax

California voters defeated Proposition 40, which would have imposed a one-time 5% tax on assets of residents worth over $1 billion, with 47% support. The rejection marks a setback for wealth-tax advocates and signals voter resistance to progressive taxation at the state level.

AI disclosure: Model-written summary of the source, not a verified fact. Check the sources. How Mosaic works