California voters reject proposed one-time tax on billionaires' wealth

California voters fail to pass proposed one-time tax on billionaires’ wealth

Campaign over Prop 40, as measure was known, was most expensive in state history, flush with Silicon Valley dollars California billionaires won a contentious ballot measure campaign, defeating a proposed one-time tax on their wealth. The bruising campaign over Proposition 40 was the most expensive in state history and witness to back-and-forth dealing from tech billionaires and democratic leaders, including Gavin Ne…