"The Avengers" won: California billionaire tax defeated

In depth

California residents rejected at the ballot box a proposal to impose a one-time 5% tax on the wealth of the state's billionaires. After more than two-thirds of the votes were counted, it became clear that the proposal was trailing.

Google co-founder Sergey Brin led the fight against the proposal and contributed some $100 million on his own. The campaign against the proposal raised hundreds of millions of dollars.

The Democratic camp, which generally supports taxing the rich, was divided on the issue. The failure in a liberal state like California is expected to serve as evidence of American unwillingness to support wealth taxes. However, the major Democratic victory in the congressional elections may lead to an increase in the tax burden on the wealthy.