California’s proposed one-time billionaire wealth tax was trailing in early election returns Wednesday morning, while Prop 42, which would prevent any future similar measures from getting on the ballot, is ahead by over eight points.

Not only did the billionaire tax fail in California, but prop 42, to amend the California constitution to forbid the introduction of taxes on personal property (investment accounts, art) for the wealthy in the future, backed by greaseball Gavin Newsom, seems to have passed.

  • daannii@lemmy.worldEnglish
    13·
    2 days ago

    Prop 42.

    That bill was specific about savings, retirement, and assets. For anyone.

    Of course voters wouldn’t want that to be taxed.

    It includes things that should not be taxed.

    It specifically added items that apply to the average person and they don’t want themselves taxed. It was a sleazy way to get people to vote to protect billionaires from additional taxes.