California Voters Approve Housing Bonds; Billionaire Tax Is Trailing
Prop 1's $11.25 billion for affordable housing passed, the AP says. Prop 3, making the top-earner income tax permanent, leads, while the one-time tax on billionaires is losing. California counts ballots for weeks.
California voters approved Proposition 1, which lets the state borrow $11.25 billion for affordable housing, including $1.25 billion for veterans' housing, the Associated Press projected, CalMatters reports; it had about 59 percent support with roughly 58 percent of the expected vote counted. Bonds are repaid from the state's general fund over decades.
Two tax measures were still being counted Wednesday morning. Proposition 3, which would make permanent the extra income tax on the state's highest earners, those making more than about $360,000 a year, that funds schools, led with about 59 percent. Proposition 40, a one-time 5 percent tax on the net worth of California residents worth more than $1 billion, trailed with about 44 percent yes and 56 percent no, and NBC's Decision Desk said it was too early to call. If either of two competing measures, Propositions 41 and 42, gets more votes than Prop 40, it would cancel the billionaire tax, CalMatters notes.
What it means for you: most Californians' income taxes don't change under either result; Prop 3 continues rates that have applied since 2012 to top earners only. California counties have up to about a month to count ballots, so close results can shift. Check the Secretary of State's results page for the latest.
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