California billionaire tax faces opposition in early Prop. 40 results
With nearly 50% of votes counted, California’s controversial Proposition 40 has over 3 million votes in opposition compared to 2.3 million in support. The proposition imposes a one-time 5% tax on individuals with net worths over $1 billion. Billionaire opponents and interest groups poured over $300 million into fighting the proposition.
However, even if Prop 40 passes, if Prop 41 or 42 passes, they could invalidate the billionaire tax. Prop 41, which is down by around 200,000 votes, would impose a spending cap and 42, which is up by 600,000 votes, would prohibit taxes on personal savings and retirement holdings.







