Google's founder stepped in! Billionaire tax rejected

California voters rejected a ballot proposal to impose a one-time 5% tax on the assets of residents with net worth above $1 billion. The defeat is a setback for proponents who argued the levy would capture a fair share of extreme wealth, and it spares the state's billionaires, including Google co-founder Larry Page, from a major hit. The measure's failure follows heavy opposition from business groups and wealthy residents who warned the tax would drive capital and entrepreneurs out of the state. Attention now turns to whether lawmakers pursue alternative revenue sources as California faces budget pressures.