Proposition 40 would have imposed a one-time 5% tax on billionaires’ wealth, with most proceeds intended to offset federal healthcare funding cuts and a smaller share for education and food assistance.
California voters rejected Proposition 40, a proposal to impose a one-time 5% tax on billionaires’ wealth rather than just their income. The Associated Press determined that the votes against the measure were enough to defeat it, according to France 24, reporting with AP.
The proposed tax was intended mainly to replace federal healthcare funding lost to cuts. Some proceeds would also have gone to education and food assistance.
The measure’s sponsor, healthcare union SEIU United Healthcare Workers West, said the tax was needed to replace an estimated $100 billion in federal healthcare funding that California would lose over 5 years.
California Governor Gavin Newsom opposed the measure, expressing concern that wealthy residents might leave and take their income-tax revenue with them. The state’s budget relies heavily on income taxes paid by its richest residents.
Dave Regan, the union’s president, pledged to seek a billionaire tax again in 2028.
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