- Californians have voted against Proposition 40, a proposed one-time 5 per cent wealth tax on residents with a net worth exceeding $1 billion.
- Opponents of the measure, including California Governor Gavin Newsom and prominent tech figures, raised over $333 million to defeat it, arguing it would drive wealthy taxpayers out of the state.
- Google co-founder Sergey Brin personally contributed more than $100 million to the opposition campaign, which heavily outspent the tax's supporters.
- Supported by healthcare unions and progressive figures such as Senator Bernie Sanders, the tax was intended to help replace an estimated $100 billion in lost federal healthcare funding over five years.
- Progressive campaign groups have launched adverts attacking Gavin Newsom in key early Democratic primary states following his opposition to the wealth levy.
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