California voters defeat billionaire tax proposal that divided Democrats

California voters rejected Proposition 40, the billionaire tax, which had divided Democrats with opponents saying it would drive the wealthy from the state.

The novel proposal would have charged billionaires a one-time 5% tax on most of their overall wealth, including their ownership in companies.

(Image credit: Jae C. Hong)

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Source: NPR.

Written by

Larry Kaplow

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