California voters reject the one-time tax proposal on the wealth of billionaires.

California voters reject the one-time tax proposal on the wealth of billionaires.

California voters rejected a proposed 5 percent tax on the net worth of billionaires, handing a victory to tech leaders who poured hundreds of millions of dollars into defeating the measure. The defeat of Proposition 40 also marks a setback for progressives seeking to tax the wealth of the ultra-rich.