From The San Francisco Standard · · 1m 50s
Election Day: Big Money, High Stakes
California billionaires spend $300m on billionaire tax as election results roll in.
In brief
California billionaires spend $300m on billionaire tax as election results roll in. California billionaires spent over $300 million on Proposition 40, a billionaire tax, which is likely to fail. Originally reported by The San Francisco Standard.
Election Day
Election Day is here, and what a ride it’s been.
Supervisor Race
State Sen. Scott Wiener and Supervisor Connie Chan are in a tight congressional race.
Billionaire Tax
California billionaires spent more than $300 million to fight Proposition 40.
Proposition 40
Proposition 40 is a one-time 5% tax on the assets of billionaires.
Gavin Newsom
Gavin Newsom faces a no-win situation with Proposition 40.
Insurance Commissioner
The insurance commissioner race is extremely close between two Democrats.
Proposition 45
Proposition 45 could cut CEQA review timelines but faces opposition from data centers.
Los Angeles Mayoral Race
Progressive Nithya Raman challenges incumbent Mayor Karen Bass.
Election Results Timeline
First results drop at 8:45 p.m. with mail-in ballots and ranked-choice races.
Billionaire Tax Outcome
Proposition 40 is likely to fail, with no planned celebrations.
Supervisor Connie Chan
Supervisor Connie Chan is a progressive candidate for Congress.
State Sen. Scott Wiener
State Sen. Scott Wiener has a strong electoral coalition but faces a tight race.
Proposition 40 Impact
Proposition 40 failure could lead to criticism of Gavin Newsom on the progressive left.
Billionaire Tax Campaign
The billionaire tax campaign is funded by a quarter of $40 million from a billionaire-backed PAC.
Election Night
Election night results will be released in stages with the final report before midnight.
Billionaire Tax Outcome
Proposition 40 is likely to fail, with no planned celebrations.
The short version
California billionaires spent over $300 million on Proposition 40, a billionaire tax, which is likely to fail.
