Californians face ballot on a one-time 5% tax on the ultra-rich

California’s secretary of state certified that a proposed one-time 5% tax on ultrarich assets has qualified for the November ballot, firing up a costly clash over funding for health care and the state budget. Proponents led by SEIU-UHW and backed by Bernie Sanders argue the levy would counter federal spending cuts and prevent hospital closures, while opponents including Google co-founder Sergey Brin warn it could undermine California’s business climate and drain tax revenue. The campaign is expected to be among the most expensive in state history and could shape economic sentiment ahead of the 2028 primaries, with a potential deal to pull or modify the measure still on the negotiating table.