00:00It's Benzinga, bringing Wall Street to Main Street.
00:02California voters rejected a proposed billionaire tax that would have imposed a one-time 5% levy
00:09on residents worth more than $1 billion, according to the Wall Street Journal.
00:14The Associated Press called the race late Monday, with Proposition 40 trailing by about 5.5 points.
00:21Supporters estimated the tax would raise $100 billion over five years to offset looming Medicaid
00:27cuts. Opponents, including Google co-founder Sergey Brin and other tech billionaires,
00:33out-raised supporters more than 10 to 1.
00:35Governor Gavin Newsom and Governor-elect Javier Becerra opposed the measure,
00:40warning it could hurt California's economic competitiveness.
00:43The health care workers' union behind the proposal vowed to bring another billionaire
00:48tax to voters in 2028 if state lawmakers fail to address the health care cuts.
00:53For all things money, visit Benzinga.com.
