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Californians reject Prop 40, the billionaire tax tech elites spent millions trying to stop
Supporters said the measure would have raised over $100 billion for state funds, but opponents feared it would have sparked a wealth exodus.
AI Summary
Californians voted against Proposition 40, a proposal that would have imposed a five‑percent tax on billionaires. Supporters argued the measure could generate more than $100 billion for state programs, while opponents warned it might trigger a mass departure of wealthy residents.
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