California Billionaire Tax Moves to November Ballot, Sparking Budget Debate

Secretary of State Shirley Weber certified the California Billionaire Tax Act, sending it to the November ballot. The measure would impose a one-time 5% wealth tax on assets such as art, stocks and bonds to raise about $100 billion to backfill federal funding cuts to K-12 education, Medi-Cal, and CalFresh. Critics warn it could worsen the state’s budget gap and drive billionaires to relocate, while supporters say it would address inequality and ensure the wealthy pay their fair share; the debate is underscored by high-profile relocations of billionaires like Zuckerberg and Page/Brin.