In one of the most expensive ballot fights in California history, opponents heavily outspent supporters of a billionaire tax to mostly fund healthcare. On Wednesday, the wealth tax appeared headed for defeat though results on Proposition 40 were too close to call.

cross-posted from: https://lemmy.world/post/54152859

Proposition 40, which would impose a one-time 5% tax on California billionaires to help fund healthcare, appeared headed for defeat, though votes were still being counted.

Opponents raised hundreds of millions of dollars to fight the measure, far outspending supporters, who argued the tax could help offset federal healthcare cuts.

The campaign also faced opposition from Gov. Gavin Newsom, teachers, business groups and others, while voters weighed concerns about taxing assets and the possibility that billionaires could leave California.

  • Taldan@lemmy.world
    1·
    6 days ago

    literally any downwards wealth redistribution is an objective good, full stop

    Not if you spend all your political capital doing so. We need a nation-wide wealth tax. A one-time wealth tax in a single state is basically a payment for the wealthy to leave the state. They’re given more than enough time between the vote and enactment of the tax to establish residency in another state

    • gravitas_deficiency@sh.itjust.worksEnglish
      1·
      6 days ago

      It’s about chipping away at the monolith. It’s not about perfection. The effort will continue regardless. Prop 40 never included the provision of “let’s stop here and not go any further”.