California voters have rejected a proposed one-off wealth tax on billionaires.
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Known as Proposition 40, the measure would have imposed a 5% tax on the net worth of around 200 billionaires, raising an estimated $100 billion.
Supporters said 90% of the revenue would fund healthcare and help offset federal funding cuts from Donald Trump’s spending bill.
But the proposal divided Democrats, with critics warning it could drive wealthy residents out of the state and reduce tax revenues.
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