Oligarchs Got Crushed on Election Day, But Still Managed to Kill California’s Wealth Tax Dreams
- California voters rejected the proposed billionaire wealth tax.
- Prop. 42 was ahead and could constrain future wealth taxes.
- Opponents spent more than $330 million campaigning against Prop. 40.
California voters rejected Prop. 40, a proposed one-time tax on billionaires’ wealth, after opponents spent heavily to raise doubts about its effects. The result matters because the measure would have been the first US tax of its kind, while a competing measure, Prop. 42, could limit California’s ability…