California voters voted down a one-time 5 percent tax on the wealth of billionaires, Fox Business reports. Supporters of the initiative hoped to raise tens of billions of dollars in health care funding, but opponents warned of a massive capital outflow. According to the TV channel, the country is already dealing with the loss of wealthy residents: almost 17,500 taxpayers have left Los Angeles County alone, transferring about $1.9 billion in income to other areas.