California’s proposed ‘billionaire tax’ fails to pass

California voters rejected Proposition 40, a one-time 5% tax on billionaires, according to the AP. Tech leaders opposing the measure outspent supporters by roughly 10 to 1. Before the vote, founders and economists interviewed by TechCrunch were divided over whether the tax would push wealthy residents out of the state or merely reduce their fortunes. The defeat signals the continued political influence of the tech industry in California and leaves the state's budget without a one-time infusion from its wealthiest residents.