California Billionaire Tax Qualifies for November Ballot, Stoking Healthcare Funding Debate

A union-backed measure would impose a one-time 5% tax on California residents with net worth above $1 billion to raise about $100 billion for healthcare (90%), education, and food assistance; it has qualified for the November ballot despite opposition from Gov. Gavin Newsom and billionaire opponents like Sergey Brin, while attracting support from Bernie Sanders and others, with legal challenges and questions about potential capital flight looming as voters weigh the proposal.