Californians reject Prop 40 wealth tax for billionaires
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Proposition 40 targeted Californian billionaires with a 5% tax on their total wealth, including assets such as shares as well as income.
Californians reject wealth tax for billionaires18 minutes agoSareen HabeshianLos AngelesBloomberg via Getty Images
California voters have voted to reject a wealth tax on its billionaires.
The ballot proposal would have levied a one-time tax on the state's mega wealthy to help fund healthcare. It took nearly a week of counting votes after the midterm election to determine a projection on the measure.
There are about 200 billionaires in the state, including Meta's Mark Zuckerberg, reality television star Kim Kardashian and media mogul Oprah Winfrey.
Bloomberg via Getty Images
