California voters showed their pragmatic side on Election Day by rejecting Proposition 40, the so-called “billionaire tax.”

The tax was an attempt to seize 5% of the wealth of the richest Californians.

It was pushed by SEIU-United Healthcare Workers West president Dave Regan, in a naked cash grab to help his union’s members.

Regan, named by The California Post as the “biggest election loser” in the state, blew $47 million on Proposition 40 and another failed ballot measure that was designed to intimidate community health clinics.

But the billionaire tax had some big-name supporters.

Socialist Sen. Bernie Sanders of Vermont campaigned hard for the wealth tax, which he wants to impose nationwide as well.

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Silicon Valley Rep. Ro Khanna, who is almost certain to run for the Democratic presidential nomination, also fought for Proposition 40 — even though it would punish the biggest job creators in his own district.

Luckily, California voters saw right through it.

They understood that the billionaire tax was driving California’s entrepreneurs to leave.

They knew that it would keep investors away from California companies. 

They heard the warnings of Texas billionaire — and Democrat — Mark Cuban: “You can bet if I’m investing in a multibillion-dollar startup, I’m asking them to move from California first.”

Voters got the message.

Supporters of Proposition 40 complained about the hundreds of millions of dollars that Google co-founder Sergey Brin spent to oppose the measure.

If only Brin had put that money toward a useful cause, they said.

That’s the problem in California: Rich and poor alike have to waste money and time just protecting what’s theirs from a greedy state and special-interest bullies like Dave Regan.

But common sense prevailed, as it so often does.

In 2020, the same voters that chose Joe Biden 2-to-1 over Donald Trump also voted to protect Proposition 209, California’s race-neutral policy on college admissions.

Even in a “blue wave,” California voters know there are limits.

They want to make sure this beautiful state is still the best place to launch an idea.

You can’t keep that going if you punish success.

This was never about protecting a few rich “tech bros.”

It was about protecting the tens of thousands of people who still come to California looking to build the next unicorn.

It was about saving the California dream.

No matter how you feel about Democrats’ victory, you have to feel good about that.