CALIFORNIA’S PROPOSED ‘BILLIONAIRE TAX’ FAILS TO PASS
California voters rejected Proposition 40, the one-time 5% tax on billionaires, the AP reported Monday. Tech leaders outspent backers roughly 10 to 1 to defeat it, and the founders and economists TechCrunch interviewed before the vote were split on whether it would have driven out wealthy residents or just trimmed their fortunes.
Key Developments
- •Dispatch filed via TechCrunch.
- •Prolific News Network TECH desk tracking developments.
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California voters rejected Proposition 40, the one-time 5% tax on billionaires, the AP reported Monday. Tech leaders outspent backers roughly 10 to 1 to defeat it, and the founders and economists TechCrunch interviewed before the vote were split on whether it would have driven out wealthy residents or just trimmed their fortunes.
Source: TechCrunch. Prolific Newsroom is monitoring this developing story across our regional bureaus and will update as more information is confirmed.
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