California's Proposition 40, which would impose a one-time 5% levy on the assets of an estimated 250 billionaires, was opposed by 55.6% of counted ballots with 60% of estimated votes counted. The measure appeared headed for defeat, though officials were still counting votes and the outcome had not been called.
By Wednesday morning, 55.6% of counted ballots opposed Proposition 40, with 60% of estimated votes counted. The measure had a razor-thin majority in Los Angeles County but was trailing by double-digit margins in each of the next six largest counties. Democratic Governor Gavin Newsom opposed it, and initial polling support had declined ahead of the vote.
The proposal would impose a one-time 5% levy on the assets of California's estimated 250 billionaires. Supporters projected it would raise about $100 billion, most of it for healthcare programs facing federal funding cuts. Google co-founder Sergey Brin and at least 11 other billionaires contributed a combined $269 million to a committee that spent more than $300 million opposing Proposition 40 and supporting two other measures.
Voters separately approved Proposition 3, making higher income tax rates permanent for the state's top earners, according to an AP call. Proposition 42, one of the measures that could invalidate the billionaire tax if passed, had received 4.1 million votes, about 54% of ballots counted, compared with 3.4 million yes votes for Proposition 40.
