Proposition 40, known as the billionaire tax, appears to be heading towards defeat, but leaders for the union that helped put it on the ballot have already vowed to bring it back to voters.
Prop. 40 would have implemented a one time 5% tax on California’s roughly 260 billionaires. It would help to pay for healthcare and education costs. As of Wednesday afternoon, nearly 56% of voters have rejected it.
On Tuesday, the SEIU- United Healthcare Workers West leadership — which put Prop. 40 on the ballot — vowed to continue to fight.
"California's healthcare workers intend to be back on the ballot in 2028," said SEIU-UHW president Dave Regan in a video conference, "to correct the damage and overcome all of the lies and deception and completely outrageous campaigning we’ve seen.”
About $150 million was spent opposing Prop. 40.
