Why Did Californians Say No to Soaking the Super-Rich?

If you ever needed proof that California is where common sense and chaos sit down for a latté, just look at the latest wealthy-versus-not-quite-that-wealthy drama at the polls . Billionaires sweating over a 5% one-time tax? Voters said, “Not in my portfolio, pal!”—and dashed the dreams of what could’ve been the nation’s first wealth tax faster than you can say “Silicon Valley IPO” . There’s something oddly delightful (or just dizzying) about watching regular folks worried a wealth tax might hit them, too—right after scrimping for oat milk at Whole Foods . Was this a bold stand for free market valiance, or is California still just allergic to a little trickle-down panic? The ballots have spoken, but has anyone really answered the only question that matters: When’s the next billionaire bake sale? LEARN MORE

California voters rejected a ballot measure to impose a one-time, 5% tax on the net worth of billionaires in the state, defeating what would have been the nation’s first wealth tax. What do you think?

“I tried to vote yes, but a guy kept holding up a picture of my infant son and shaking his head.”

Gage Voelker, Book Burner

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“Now we just sit back and relax as the billionaires return the favor.”

Tom Reiman, Screw Threader

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“A wealth tax sounds nice in theory, but who’s going to pay for it?”

Jane Pienta, Sign Language Enthusiast

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