California voters reject proposed one-time 5% tax on billionaire wealth

California voters decisively rejected Proposition 40, a measure that would have imposed a one-time 5% tax on billionaires' wealth. State Democratic leaders had voiced concerns that the tax could harm the economy and state finances. Opponents of the measure raised roughly $333 million, much of it from wealthy donors. Support for the proposal was stronger among younger voters, while older voters largely opposed it. The result highlights a generational split over how to approach taxing the very rich.