In one of the most expensive ballot fights in California history, opponents heavily outspent supporters of a billionaire tax to mostly fund healthcare. On Wednesday, the wealth tax appeared headed for defeat though results on Proposition 40 were too close to call.

cross-posted from: https://lemmy.world/post/54152859

Proposition 40, which would impose a one-time 5% tax on California billionaires to help fund healthcare, appeared headed for defeat, though votes were still being counted.

Opponents raised hundreds of millions of dollars to fight the measure, far outspending supporters, who argued the tax could help offset federal healthcare cuts.

The campaign also faced opposition from Gov. Gavin Newsom, teachers, business groups and others, while voters weighed concerns about taxing assets and the possibility that billionaires could leave California.

  • Denfa
    2·
    1 hour ago

    Personally I don’t believe we have enough culture wars and social division. We need more of that stuff bombarding us from every media outlet possible, just as the billionaires like it. That’s why they bought up mass media— so they can reach us 24/7 with their enlightened takes on humanity and community.

    Who wants a return to the days we had decent infrastructure, convenient public transportation, and well-funded education? Not me! Who are we to stop billionaires from using their excess money to buy politicians and Supreme Court justices, and the endless lawyers needed to lobby nonstop for preferential treatment. If they want to destroy the occasional environment or pay to rape a child once in a while— well they’re so rich they earned the right! Way to go CA— never let billionaires lose their stranglehold on society!