California: Proposition 40 wealth tax headed for defeat
Associated Press projects that the “no” vote prevailed. The state has scheduled official certification for 11 December.
Associated Press projected that California voters rejected Proposition 40, which appeared on the 3 November ballot. The projection is based on returns counted so far and is separate from the state’s final certified result.
According to California’s official voter guide, the measure proposed a one-time 5% tax on certain taxpayers with assets above $1 billion. Most of the proceeds would have gone to healthcare. It was a state proposal, not a federal tax.
California says eligible mail ballots can arrive through 10 November if postmarked on time. Counties must complete their official results by 3 December and the state has scheduled certification for 11 December. The projection does not create a tax obligation.
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