What to know

• Voters in California have rejected a tax on the state's wealthiest residents, CBS News projects, following a campaign that has split traditional allies and shattered spending records for a tax-related measure in California.S1
• California voters have officially torpedoed a controversial, would-be historic wealth tax on billionaires. Proposition 40 –– a measure that would have imposed a first-in-the-nation one time 5% tax on billionaires –– was rejected by Californians by 52.8% to 47....S2
• The outcome could hinder the wealth tax movement in California and across the country in future years.S3