Source: New York Post
California voters have dealt a major blow to wealth-tax advocates, rejecting a proposed levy on billionaires while approving protections against new taxes on personal assets. Proposition 42 passed with just over 51% of the vote, compared to nearly 49% opposed, according to the Associated Press, which declared victory for the measure with roughly 96% of ballots counted. The result delivered a double defeat to supporters of Proposition 40, a proposed one-time tax on billionaires’ assets that voters rejected.
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