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California voters reject a tax-the-rich ballot measure in midterm elections
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California voters rejected a measure that would have dramatically raised taxes on wealthy individuals in the state in order to raise money for climate-related projects.
About 59% of voters opposed Proposition 30, while 41% supported it, according to The Associated Press, with roughly 41% of the votes counted early Wednesday morning.
The measure would have hiked taxes by 1.75% on those earning $2 million per year, generating up to $5 billion in new revenue annually. The bulk of that money would go to programs that help people buy electric cars and install charging stations. A smaller portion would have gone toward wildfire prevention efforts.
The proposed wealth tax drew opposition from billionaire donors and Gov. Gavin Newsom, a Democrat, in the run-up to the election.