Voters in California have rejected a proposed tax on billionaires, according to projections by the Associated Press news agency. With about 60 percent of votes counted, the tax proposal appeared to be headed for defeat on Tuesday, with the “no” vote leading at 55.6 percent compared with 44.4 percent for “yes”. The measure would impose a one-time 5 percent tax on Californians whose net worth exceeds $1bn. Known as Proposition 40, the tax would have raised $100bn, most of which would have been earmarked for healthcare programmes, but education and food-assistance programmes would also receive funds.
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