California voters are projected to reject Proposition 40, which would have imposed a one-time 5% tax on the wealth of the state’s roughly 200 billionaires in what would have been a nationwide first. Decision Desk HQ projected that 54% voted against the measure and 46% supported it, with 76% of votes counted as of 8:51 p.m. EST. The tax revenue would have largely funded state healthcare programs, with the remainder directed to food assistance and education. California billionaires, including Silicon Valley executives, gave more than $333 million to Building a Better California to oppose the measure. The proposal divided Democrats: the state Democratic Party, AFL-CIO and Teamsters supported it, while Gov. Gavin Newsom opposed its allocation of almost all revenue to healthcare, saying it omitted housing, childcare, public safety workers and public universities. A Legislative Analyst’s Office analysis estimated the levy could have generated tens of billions of dollars.