Source: California Post
by staff
“The ‘billionaire tax’ is officially dead. Voters rejected Proposition 40 by a wide margin, restoring hope for common-sense governance in the Golden State. This was a victory for economic growth, and jobs, and investment in the future. The United States has never had a wealth tax that would allow the government to seize what people had saved. Proposition 40 would have been the first. And it would have destroyed the startup culture that has made California’s economy the envy of the world. Voters understood that entrepreneurs would leave the state if Proposition 40 passed. Or they would sell their companies to pay the tax, sending stocks into freefall. As it is, Proposition 40 did plenty of damage simply by qualifying for the ballot. At least seven billionaires had already left the state by Election Day, with combined wealth of more than half a trillion dollars.” (11/10/26)