California voters reject proposed one-time 5% billionaire tax

California voters turned down Proposition 40, a measure that would have imposed a one-time 5% tax on billionaires, according to the Associated Press. Tech leaders spent roughly ten times more than the measure's backers to defeat it. Founders and economists interviewed by TechCrunch before the vote disagreed about its likely effects, with some expecting wealthy residents to leave the state and others expecting only a reduction in their fortunes.