California’s proposed “Billionaire Tax Act” qualifies for the November 3 ballot after backers submit enough signatures, according to multiple outlets citing state announcements. The measure would levy a one-time 5% tax on California residents with net worth above $1 billion, including assets such as stocks, bonds, and art. Supporters say it would raise about $100 billion to help backfill budget gaps affecting programs including Medi-Cal health services, K-12 education funding, and CalFresh.
Opponents, including Gov. Gavin Newsom and other top state lawmakers, argue the proposal is harmful and have called for alternative approaches, including a nationwide wealth tax. The measure’s advance also deepens a dispute between labor groups backing it—particularly Service Employees International Union–United Healthcare Workers West—and wealthy tech figures who oppose it. Reporting describes major spending by opponents to stop the tax and references competing actions and advertising efforts. Some supporters and lawmakers also debate whether the tax would worsen or alleviate California’s budget pressures. Backers and opponents prepare for a campaign focused on the initiative’s potential effects on state finances and public services.
