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Economy News

The Economic Times

Economy / The Economic Times

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California voters reject measure to tax the wealth of billionaires

California's rejection of Proposition 40 marks a pivotal moment in the state's political landscape, as voters dismissed a billionaire tax intended to fund healthcare and education initiatives. With significant financial backing from figures like Sergey Brin, who contributed over $100 million against the measure, the campaign highlighted a stark divide between younger supporters and older opponents worried about economic instability.

10 Nov 2026 3:30 pm