Billionaires Spend 0.07% of Their Wealth to Avoid a 5% Tax

Thirty California billionaires spent $293 million (0.07% of their combined wealth) to defeat Proposition 40, a proposed 5% tax on their fortunes that would have raised at least $107 billion. The campaign represents a seventy-to-one return on investment, and the donors plan to establish a permanent political committee to oppose any future wealth taxes.