Voters in California and Massachusetts had to decide in the midterm elections whether to increase taxes on wealthy Americans living in the two states.
About 52% of voters approved the increase, according to the Associated Press, counting about 95% of the vote.rejected a measure that would have dramatically raised taxes on wealthy individuals in the state in order to raise money for climate-related projects.
About 59% of voters opposed Proposition 30, while 41% supported it, according to The Associated Press, with roughly 41% of the votes counted early Wednesday morning. Voters wait in line to cast their votes in the midterm elections at Plummer Park in West Hollywood on November 8, 2022.by 1.75% on those earning $2 million per year, generating up to $5 billion in new revenue annually. The bulk of that money would go to programs that help people buy electric cars and install charging stations. A smaller portion would have gone toward wildfire prevention efforts.
The proposed wealth tax drew opposition from billionaire donors and Gov. Gavin Newsom, a Democrat, in the run-up to the election. , which donated at least $45 million ahead of a mandate that will require the majority of its drivers to use electric vehicles by 2030. Newsom belittled the tax as a "cynical scheme" by Lyft to meet the state's EV mandate — at the expense of the taxpayers. "Prop 30 is being advertised as a climate initiative," Newsom said in an advertisement against Prop 30. "But in reality, it was devised by a single corporation to funnel state income taxes to benefit their company. Put simply, Prop 30 is a Trojan horse that puts corporate welfare above the fiscal welfare of our entire state.
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