California voters reject measure to tax the wealth of billionaires

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California voters rejected a proposal for a one-time 5% tax on the net worth of residents with more than $1 billion. The ballot campaign drew heavy spending from prominent technology leaders opposing the measure.

California voters have rejected a first-in-the-nation tax on the net worth of billionaires following a contentious ballot fight that generated huge spending by some prominent tech leaders eager to stop their taxes from going up. The measure would have imposed a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion. FRANCE 24's correspondent in Los Angeles Loic Pialat has more.