California’s Proposition 40, a ballot measure that would enact a one-time tax on billionaires, was rejected by voters, according to the Associated Press.
The ballot measure, which was proposed by a labor union of health care workers, sought to levy a one-time 5 percent tax on the wealth of the state’s billionaires. The proposition was backed by Sen. Bernie Sanders (I-Vermont) and opposed by outgoing governor Gavin Newsom, who, like many critics of the measure, feared it would hurt the state’s budget in the long run by causing billionaires to flee California.
Proposition 41, which would cancel out Proposition 40, also failed.
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