California voters reject one-off billionaire wealth tax US media predicts

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Californians have voted down a proposal for a one-off levy on the state’s billionaires, according to projections by US broadcasters on Monday. Proposition 40 would have required around 200 of the state’s richest residents to hand over 5% of their total net worth. Most of the money would have gone towards healthcare. CNN and CBS News both called the result almost a week after polling day. California has the largest population of any US state and is known for counting votes slowly. The measure had already looked set to fail. With roughly 60% of ballots counted on Wednesday, the “No” side was ahead by 55.6% to 44.4%. Prop 40 was one of many questions on the ballot in last week’s midterm elections.