Prop 40 And Other Measures Fail in California

Several California ballot measures are facing defeat, including a proposal to impose a one-time tax on billionaires. NBC News projected that voters will reject Proposition 40, which would have required billionaires to pay a tax equal to five percent of their total wealth. Voters are also rejecting Proposition 43, a measure that would have made it more difficult to raise local taxes by requiring additional voter approval. Another measure designed to make development projects easier to approve is also failing. Proposition 45 would have reduced California’s environmental review requirements, potentially speeding up the approval process for certain projects. The results reflect voter decisions on several major policy proposals affecting taxes, development and the state’s economy. With ballots still being counted, election officials are continuing to update the results.