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California billionaire wealth tax looks headed for defeat as votes are counted

By ChordNews · First written

Billionaires aren’t off the hook for higher taxes, even if they did dodge California’s wealth tax
Image: marketwatch.com
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Summary

A wealth tax that progressives, including US Senator Bernie Sanders, had championed as a remedy for economic inequality and a possible model for the rest of the country appeared headed for defeat in California. Officials were still counting votes and no major outlet had called the outcome. Silicon Valley spent heavily to kill the measure, and incoming Democrats are eyeing a national fight over taxing the wealthy.

This continues an earlier story: Californians vote on a one-time tax on billionaires

Timeline

  1. The Straits Times

    Source ↗

    The Straits Times reports that the wealth tax, which progressives including Bernie Sanders had championed, looked headed to defeat in California while officials were still counting votes and no major outlet had yet called the outcome.

  2. MarketWatch

    Source ↗

    MarketWatch reports that Silicon Valley spent big to kill California's wealth tax, and that incoming Democrats are eyeing a national fight over higher taxes on billionaires.

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