In summary
Billionaires spent $378 million to defeat Prop. 40, exposing a rift among California Democrats on taxing the rich.
California will not become the first state to levy a wealth tax on its richest residents — at least not this election.
Voters rejected Proposition 40, a proposal to tax billionaires based on their net worth and financial holdings, by 52.8% to 47.2%, according to The Associated Press Monday. The measure had trailed behind for days before The Associated Press confirmed results.
Leaders for Service Employees International Union-United Healthcare Workers West, the union pushing the
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