A landmark ballot measure aimed at imposing higher taxes on billionaires faces near-certain defeat in the midterm elections, marking an unusual setback for progressive tax reform efforts. The proposal, which sought to close loopholes and raise revenue from the wealthiest Americans, has struggled against fierce opposition from major donors and corporate interests. Polling suggests voter skepticism about the measure’s economic impact, while opponents have framed it as burdensome on job creators. The outcome could signal broader challenges for policies targeting wealth inequality in an election cycle dominated by spending from high-net-worth individuals.
Proposition 40 billionaire tax set to be defeated in a rare victory for mega-donors in the US midterms
