California voters rejected an unprecedented tax on billionaires, the Wall Street Journal writes. The country's wealthy elite spent significant sums of money and successfully thwarted efforts to funnel their wealth to raise funding for health. The measure's failure is a victory for Democratic leaders who opposed it, including Gov. Gavin Newsom, who may run for president in 2028. The critics of the tax said that it would cause ultra-orthodox taxpayers to leave the country. The measure would have imposed a 5% tax on California properties whose net worth exceeds and #036; 1 billion. Most of the money would be used to mitigate cuts in federal health funding, while 10 percent would go toward education and food assistance programs. Tag: Node of Time EN.

California voters rejected an unprecedented tax on billionaires, the Wall Street Journal writes. The country's wealthy elite spent significant sums of money and successfully thwarted efforts to funnel their wealth to raise funding for health. The measure's failure is a victory for Democratic leaders who opposed it, including Gov. Gavin Newsom, who may run for president in 2028. The critics of the tax said that it would cause ultra-orthodox taxpayers to leave the country. The measure would have imposed a 5% tax on California properties whose net worth exceeds and #036; 1 billion. Most of the money would be used to mitigate cuts in federal health funding, while 10 percent would go toward education and food assistance programs. Tag: Node of Time EN.