California voters reject billionaire wealth tax proposal

California voters have rejected a proposal to impose a wealth tax on billionaire residents, according to a projection from Decision Desk HQ (DDHQ).

The measure was opposed by tech and business executives who spent hundreds of millions of dollars against it, contributing to its defeat.

DDHQ's analysis showed that 54 percent of voters opposed the wealth tax, while 46 percent supported it.

This result marks a significant win for business interests in California.