California Voters Reject Proposed One-Time Tax on Billionaire Net Worth

California voters reject billionaire wealth tax: California voters rejected a proposed one-time 5 percent tax on net worth above $1 billion, which would have been the first of its kind in the United States. The measure was decided in last week's midterm election, with results confirmed on Monday, according to the Associated Press.

California voters reject billionaire wealth tax, Digi Mart USA News (California, United States): Voters in California have rejected a tax aimed at dollar billionaires in the state.

Had the measure passed, it would have been the first tax of its kind in the United States. The proposal called for a one-time 5 percent tax on net worth exceeding $1 billion, roughly 10 billion Swedish kronor.

The referendum was held alongside last week’s midterm elections, but a result could not be confirmed until Monday, according to the Associated Press.

Critics of the proposal warned that it could cause extremely wealthy taxpayers to leave the state.

According to the Associated Press, the opposition campaign raised roughly ten times more money than the supporters. Part of that funding came from donations by wealthy individuals.

Sergey Brin, co-founder of Google, has reportedly spent more than $100 million to stop the proposal.

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