California Billionaire Tax Heads For Defeat

What happened

Updated Nov 4, 2:51pm ET

California’s proposed billionaire tax appeared headed for defeat Wednesday, trailing 56% to 44%, but the result remained uncalled.
Proposition 40 would impose a one-time 5% tax on billionaires’ wealth, with revenue mainly funding healthcare and some supporting food aid and public education.
The measure divided Democrats, with Sen. Bernie Sanders supporting it and Gov. Gavin Newsom warning it would drive wealthy residents and their tax money out of California.
Supporters had not conceded Tuesday evening, saying heavy opposition spending hurt their chances and warning that losing healthcare funding would cost lives.
About two-fifths of the expected vote remained uncounted Wednesday, leaving the measure’s final fate unresolved.

How the left told it

Left-leaning outlets were represented only by the Los Angeles Times, which framed the trailing measure as a clash between healthcare needs and economic risks. It described the tax as proposed as a “lifeline for the needy” and criticized as a threat to California’s economy, while highlighting supporters’ refusal to concede.

How the right told it

Right-leaning outlets generally emphasized economic risks and political divisions as the tax trailed. Fox News highlighted Newsom’s break with socialists and critics’ capital-flight warnings; the New York Post stressed billionaire opposition. Hot Air’s headline, “The California Wealth Tax Looks Dead,” captured its more openly approving view of the likely defeat.