California, home to over 200 billionaires, rejects wealth tax on billionaires

California, home to over 200 billionaires, has rejected a proposal to impose a one-time wealth tax on billionaires, according to the AP. Supporters had estimated that the tax could generate around $100 billion in revenue, with most of the proceeds going towards healthcare initiatives. However, billionaires opposed the proposal, arguing that it would drive wealthy individuals out of the state.