Economy
California voters reject proposed one-time tax on billionaires' wealth
The defeat of Proposition 40, the most expensive ballot campaign in state history, marks a significant setback for progressive efforts to implement wealth taxes on the ultra-rich in the United States.
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The essentials of this story
- What happened
- California voters rejected a ballot initiative that would have imposed a one-time 5% tax on the net worth of individuals with assets over $1 billion.
- Who is affected
- California billionaires, healthcare and education programs, and progressive political movements seeking to tax the ultra-wealthy.
- What changes
- The rejection of Proposition 40 prevents the implementation of a state-level wealth tax and maintains the current tax structure for the ultra-wealthy in California.
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Sources
- California voters reject proposed one-time tax on billionaires' wealth — France 24
- California voters fail to pass proposed one-time tax on billionaires’ wealth — The Guardian — negócios
Image credits: Photo: Reprodução/the Guardian · publicação-fonte citada · image resized and re-encoded for the site