California’s billionaire tax faces defeat, but Democrats plan higher taxes on the wealthy

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A version of this article appeared in CNBC's Inside Wealth newsletter, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. The likely defeat of the California billionaire tax may energize Democrats in Congress to propose federal tax hikes on high earners along with a potential federal wealth tax, according to tax experts. While the votes in California are still being counted, 56% of the state's voters have voted "no" on the billionaire tax while 44% voted "yes." The ballot measure requires a majority of votes for approval, so election experts say a defeat is likely.