A PYMNTS Company

How Tech Companies Won Big in the Midterm Elections

By  |  November 14, 2022

By Eric J. Savitz, Barron’s. 

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    All but lost in last week’s torrent of election news was the surprising defeat of Proposition 30, a California measure that would have raised tax rates on the state’s millionaires to subsidize the purchase of electric cars, shore up the state’s charging infrastructure, and provide some extra cash for firefighting in a state at constant risk of firestorm.

    You’d think Californians would have loved that idea. History proves that the Golden State’s electorate has no problem raising taxes. In 2012, voters approved another measure—also called Proposition 30—that boosted taxes on incomes over $250,000 a year to help fund schools. In 2004, voters backed Proposition 63, which slapped an extra 1% tax on incomes above $1 million to fund mental health services. In Palo Alto, where I live, voters last week backed a new city business tax by a margin of 2 to 1.

    Read more…