Outcome of California billionaire tax measure remains undecided

It was too early to call Wednesday morning the vote for a measure on the California ballot that would tax the net worth of billionaires.

Proposition 40 would impose a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion. Most of the revenue would replace federal funding cuts to healthcare, the Associated Press reported.

With 6 million votes remaining uncounted in the state, the Associated Press was waiting before declaring an outcome.

On Wednesday morning, 55% of the 7.7 million votes counted were opposed to the measure.