00:00It's Benzinga bringing Wall Street to Main Street.
00:02California's proposed billionaire tax appears headed for defeat.
00:06But tax experts say the results could encourage congressional Democrats
00:10to pursue federal tax hikes on wealthy Americans, according to CNBC.
00:15With votes still being counted, 56% of California voters have rejected a one-time 5% tax on
00:23billionaires. Washington state voters supported a 9.9% tax on household income
00:29over $1 million, while a Colorado proposal to replace its 4.4% flat tax with a graduated
00:36tax topping out at 8.4% remains too close to call. With Democrats set to control both chambers
00:43of Congress, lawmakers could revisit proposals to raise income taxes on high earners while
00:49cutting taxes for lower- and middle-income households. Proposals could also include an
00:54annual 5% federal wealth tax on billionaires. President Trump would likely veto such legislation,
01:01but tax experts say the proposals could shape the 2028 election.
01:05For all things money, visit Benzinga.com.
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