California Billionaire Tax Proposal Secures Signatures for Ballot Inclusion
A proposal in California to impose a one-time 5% tax on billionaires has gathered enough signatures to qualify for the November ballot. The initiative, backed by the Service Employees International Union Healthcare Workers West, aims to generate $100 billion to counteract federal healthcare funding cuts. The tax would apply to individuals with a net worth exceeding $1 billion as of January 1, 2026. The California Secretary of State must verify the signatures before the measure is officially placed on the ballot. The proposal has sparked significant debate, with supporters arguing it will address healthcare funding gaps, while opponents, including Governor Gavin Newsom and several tech moguls, warn it could drive wealthy residents out of the state. 
