00:00The billionaire tax, Proposition 40, which would have taxed the wealth of the richest Californians
00:06at a rate of 5%, supposedly only one time, failed. Voters decided they did not want to take 5%
00:13of
00:14the wealth of the billionaires in California because they were worried about these billionaires
00:18leaving. Voters understood that billionaire class in California, whatever else you could say about
00:23it, also became wealthy largely by starting companies. They are the entrepreneurial class.
00:28They create jobs. They create startup culture throughout the state. And California did not
00:34want to lose those people to other states. This is a sign that even though California voters are
00:39highly partisan and came out in droves in a blue wave election, there's also a pragmatic streak
00:45in California politics that persists. They may not vote for political change in terms of governing
00:50parties, Republican candidates, but California voters do put the brakes on some of the most
00:56extreme ideas of the far left.
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