California's billionaire tax on track for defeat as the state continues to count votes

California's proposed billionaire tax appeared headed for defeat on Wednesday in one of the final verdicts from voters in an election week that saw a wave of anti-billionaire sentiment elsewhere.

The latest results on Wednesday afternoon showed California's Proposition 40 down by over 11 percentage points, with 60% of votes counted but the race not yet formally called.

The referendum would amend California's constitution and impose a one-time 5% tax on California residents and trusts with assets over $1 billion on Jan. 1, 2026. The revenue would primarily go toward healthcare, as well as food assistance and education.

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https://finance.yahoo.com/economy/article/californias-billionaire-tax-on-track-for-defeat-as-the-state-continues-to-count-votes-190840319.html