California rejects Proposition 40 1 time 5% billionaire tax plan
World
California just voted down Proposition 40, which would have put a one-time 5% tax on billionaires to help cover health care, education, and food programs.
The measure, supported by Bernie Sanders and popular with younger and lower-income voters, was blocked after a big-money campaign from wealthy opponents and pushback from older, richer Californians.
Prop 40 supporters plan 2028 rematch
Even though Prop. 40 didn't pass, its supporters aren't giving up: they're already planning to try again in 2028.
The vote highlights how divided Californians are over taxing the ultra-rich, especially as debates about wealth inequality keep heating up.