An attempt to impose a wealth tax on California’s billionaires failed at the ballot box as California voters rejected Proposition 40, which sought to charge a one-time 5 percent tax on the assets of residents with a net worth of more than $1 billion by a margin of 55.6 percent against to 44.4 percent in favor.
Simultaneously, voters in the Nov. 3 midterm elections approved Proposition 42, which prohibits the state from imposing new property taxes, 54.3 percent to 45.7 percent.
The vote follows a multimillion-dollar battle between Californians who opposed the wealth tax and Democrats and health unions, which supported it. According to the California Secretary of State, $33 million was spent to persuade voters to support it while more than $130 million was spent in opposition….