California voters deal crushing blow to tax grabs after striking down wealth levy

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.