A billionaire tax that US Senator Bernie Sanders and other progressives championed as an antidote to economic inequality and a potential model for the rest of the country was defeated in California, US media projected on Monday. Proponents had estimated Prop 40 would raise US$100 billion in revenue, most of which would have been earmarked for healthcare programmes to offset federal funding cuts designed to pay for tax breaks enacted last year under President Donald Trump’s “One Big Beautiful...
California billionaire tax measure defeated in contentious vote
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SCMP - Feed 91By Reuters
EXECUTIVE SUMMARY
A billionaire tax that US Senator Bernie Sanders and other progressives championed as an antidote to economic inequality and a potential model for the rest of the country was defeated in California, US media projected on Monday. Proponents had estimated Prop 40 would raise US$100 billion in revenue, most of which would have been earmarked for healthcare programmes to offset federal funding cuts designed to pay for tax breaks enacted last year under President Donald Trump’s “One Big Beautiful...
Key Takeaways
- California billionaire tax measure defeated in contentious vote.
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