Wealth Taxes to Fund EVs Fails in California

California midterms voters rejected Prop 30 and won't raise taxes on millionaires to fund clean energy initiatives involving electric vehicles.

Los Angeles Downtown Freeway
(Image credit: Getty Images)

During the 2022 midterm elections, California voters rejected Proposition 30. That tax measure would have wealthier California residents pay higher taxes to subsidize energy and climate initiatives that would include funding electric vehicles.

Proponents of Proposition 30 included ride share company, Lyft, which raised millions of dollars to encourage yes votes on the measure. On the other hand, California Gov. Gavin Newsom was among those who opposed Prop 30. In an ad encouraging the public to vote “no” on the energy and climate tax measure, Newsom described Proposition 30 as a “product of special interests.”

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

Kelley R. Taylor
Senior Tax Editor, Kiplinger.com

As the senior tax editor at Kiplinger.com, Kelley R. Taylor simplifies federal and state tax information, news, and developments to help empower readers. Kelley has over two decades of experience advising on and covering education, law, finance, and tax as a corporate attorney and business journalist.