AUTOMATED SUMMARY
California voters have rejected Proposition 40, a one-time 5% tax on billionaires that would have been the first of its kind in the nation, according to an Associated Press race call on Monday.
The measure split California Democrats, and its defeat is being read as a blow to the party's left wing. Opponents argued the tax would push wealthy residents out of the state, and they spent heavily to defeat it.
FACTS
01 An economist's estimate put the measure's revenue at $100 billion, roughly a third of California's total budget. THE BLAZE
Facts behind the paywall: “Xavier Becerra's looming budget problem, the union's health care warnings, and exit poll demographics behind Prop 40's support”
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