Conservative Institute·8 hours ago·Thursday, November 12, 2026, 12:02 AM

California voters defeat billionaire wealth tax over fears of economic damage

California voters rejected Proposition 40’s one-time 5% tax on billionaires after critics warned punishing the ultra-rich would damage the state’s economy and drive out investment. The measure failed Monday night as the Associated Press declared it defeated, with roughly 53% of California voters opposed and 47% in favor. Opponents spent heavily to stop what would

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