2 publishers · first seen Tue, 10 Nov 2026 02:57 UTC · updated Thu, 12 Nov 2026 11:31 UTC
In California, voters rejected a proposed wealth tax on billionaires via referendum, according to US media projections. The initiative, known as 'Prop 40', aimed to tax the state's approximately 200 billionaires at a rate of 5% of their net worth to fund the public healthcare system. Opponents, including Google co-founder Sergey Brin, spent hundreds of millions of dollars on advertisements, emphasizing that the tax could become permanent and lead to an exodus of the ultra-wealthy.
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