Elections

California voters defeat billionaire tax proposal that divided Democrats November 9, 202610:05 PM ET

Larry Kaplow

California voters rejected Proposition 40, the billionaire tax, which had divided Democrats with opponents saying it would drive the wealthy from the state. Jae C. Hong/AP hide caption

Jae C. Hong/AP

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California voters have rejected a proposal to charge billionaires a one-time 5% tax on most of their wealth, according to a race call by The Associated Press.