California Voters Reject Billionaire Tax as Wealth Debate ContinuesBillionaire Tax Falls, but the Fight for Fairer Taxes GrowsVoters Reject Wealth Tax as California Risks Driving Out Wealth
On November 8, California voters appeared to reject a suggested one-off 5% levy on billionaires’ fortunes, while a separate measure to block taxes on personal property was leading. The results renewed debate over taxes, public services and wealthy residents leaving the state.California voters appeared to reject a one-time 5% billionaire wealth tax on November 8, while a measure restricting future property taxes was leading. The defeat has not ended calls to make the ultra-rich contribute more.California voters appeared to reject a one-time 5% tax on billionaire wealth on November 8, amid warnings it could drive investment and wealthy residents away. A separate measure to block personal-property taxes was leading.