California officials announce that a proposed “billionaire tax” has collected enough valid signatures to qualify for the November ballot, setting up a fight with Gov. Gavin Newsom and prominent technology billionaires. The measure would impose a one-time 5% wealth tax on California residents with net worth above $1 billion. Backers include labor unions, including Service Employees International Union–United Healthcare Workers West, which say the revenue would help fund California’s strained healthcare and education programs.
Opponents, including Newsom and some tech moguls, criticize the proposal and seek to stop it from reaching voters. Reporting describes the political debate as intensifying, with unions backing the measure and opponents spending substantial sums to oppose it. The sources also say the backers have a limited window to decide whether to proceed or reach a deal with the state that could remove or alter the measure before the election. Newsom has vowed to block the tax from going to a vote, while some billionaires have said they would cut ties with California if it passes.
