@pbsnews: California voters have rejected a proposed tax on the state’s wealthiest residents, raising questions about the political future of similar measures across the country. Proposition 40 would have imposed a one-time 5% tax on residents with a net worth exceeding $1 billion. The revenue would have helped fund healthcare, education and food assistance programs. The measure’s defeat is a victory for Democratic leaders, including Gov. Gavin Newsom, who warned that the tax could drive billionaires out of California. Supporters say they are not giving up and plan to bring the proposal back to voters in 2028. #pbs #pbsnews #news #california #prop40 #billionaire #tax #voters #reject

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Wednesday 11 November 2026 14:53:30 GMT