At a glance
- The Associated Press called the race late Monday, with "no" leading by roughly 5.5 points.
- Building a Better California raised more than $333 million, including more than $100 million from Sergey Brin and $45.6 million from Eric Schmidt.
- Advisors serving high-net-worth California clients had held residency discussions over the proposal, and the vote removes the measure behind those conversations.
California voters rejected Proposition 40, a one-time 5% levy on the net assets of residents worth more than $1 billion, InvestmentNews reported.
The Associated Press called the race late Monday, with "no" leading by roughly 5.5 points. Backers led by SEIU United Healthcare Workers West had projected about $100 billion over five years.
Opponents outspent proponents by roughly 10 to one. Building a Better California raised more than $333 million, including more than $100 million from Sergey Brin and $45.6 million from Eric Schmidt.
Advisors serving high-net-worth California clients had held residency discussions over the proposal, and the vote removes the measure behind those conversations.
A companion measure to ban wealth taxes outright held a narrow lead Monday but had not been formally called.
Reported by the RIA desk from InvestmentNews. Published . Corrections