Californians reject billionaire tax

California voters have rejected a proposed billionaire tax, known as Proposition 40, which garnered only 47.2% support. The initiative aimed to impose a one-time 5% tax on residents with assets over $1 billion, primarily to fund healthcare. The tech industry, particularly billionaires like Sergey Brin, heavily campaigned against it, fearing it would drive wealthy individuals out of the state. Proponents estimated the tax could raise around $100 billion, while skeptics suggested it might yield only $30 billion due to potential relocations of the wealthy. Critics, including Governor Gavin Newsom, warned of future revenue losses as billionaires consider moving their residences to states like Florida.