I think this prop failed because opponents were quite vocal about the proposition containing a loophole that would allow lawmakers to expand the tax to people who are not billionaires. I thought it was a pretty effective line of attack, because history does show that new lines of revenue to the government only grow over time.
Had the prop contained language banning the legislature from creating wealth taxes on on anyone else, I suspect we'd have seen a different result.
I think this prop failed because opponents were quite vocal about the proposition containing a loophole that would allow lawmakers to expand the tax to people who are not billionaires. I thought it was a pretty effective line of attack, because history does show that new lines of revenue to the government only grow over time.
Had the prop contained language banning the legislature from creating wealth taxes on on anyone else, I suspect we'd have seen a different result.