California voters turn down billionaire wealth tax

California voters rejected Proposition 40, a one-time 5 % levy on net worth above one billion dollars that would have hit about 200 billionaires. With most ballots counted, 52.8 % voted against and 47.2 % in favour, according to reports on 10 Nov, and the Associated Press later confirmed the same split. Supporters had projected roughly 100 billion dollars for public healthcare, while Stanford researchers estimated 30 billion. Opponents, including Google co-founders Sergey Brin and Larry Page, spent hundreds of millions of dollars, and Governor Gavin Newsom said he would vote against it. The measure was on the ballot in last week's midterm elections.