California voters rejected a measure that would have taxed the wealth of the state’s billionaires, a provision that some on the Left saw as a trial balloon for a nationwide wealth tax.

Proposition 40 failed with 53.8% voting against it and just 47.2% in favor as of Monday evening, according to the Associated Press, which called the election at 9:38 p.m. with 83% of the vote counted. If the ballot measure had passed, it would have been the first major tax on general wealth, as opposed to income, in modern U.S. history.

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