California voters defeat billionaire tax proposal that divided Democrats

The novel proposal would have charged billionaires a one-time 5% tax on most of their overall wealth, including their ownership in companies.

<img src='https://npr.brightspotcdn.com/dims3/default/strip/false/crop/6000x4000+0+0/resize/6000x4000!/quality/85/format/webp/?url=http%3A%2F%2Fnpr-brightspot.s3.amazonaws.com%2Fb7%2Fd4%2F807c80934608bca62e0839ba2d92%2Fap26279152222212.jpg' alt='California voters rejected Proposition 40, the billionaire tax, which had divided Democrats with opponents saying it would drive the wealthy from the state.'/><p>The novel proposal would have charged billionaires a one-time 5% tax on most of their overall wealth, including their ownership in companies.</p><p>(Image credit: Jae C. Hong)</p><img src='https://media.npr.org/include/images/tracking/npr-rss-pixel.png?story=g-s1-151625' />