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Voters in California rejected a proposition to make it the first U.S. state to tax billionaires—a one-time levy of 5 percent of their net worth in 2027.
Opponents of Proposition 40, including Democratic Governor Gavin Newsom, argued that it would cause an exodus of wealth from the state. But does the fact that opponents raised more than $300 million to campaign against it strengthen the case that there is wealth available to tax to help fund health care, education, and food assistance, as leading left-wing Democrats such as Bernie Sanders and California Representative Ro Khanna argued?
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