Billionaire tax measure on California ballot defeated

A billionaire tax that US Senator Bernie Sanders ​and other progressives championed as an antidote to economic inequality and a potential model for the ‌rest of the country was defeated in California, US media projected on Monday.

Proponents had estimated Prop 40 would raise $100 billion in revenue, most of which would have been earmarked for healthcare programs to offset federal funding cuts designed to pay for tax breaks enacted ​last year under President Donald Trump's "One Big Beautiful Bill." Those tax breaks, largely benefiting wealthy individuals and corporate ​interests, passed with Republican-only support in the US Senate.