California’s billionaire tax heads to November ballot amid Democratic rift

A proposed one-time wealth tax on Californians with net worth above $1.1 billion has qualified for the November ballot. The plan imposes a 5% tax on assets exceeding the threshold, retroactive to January 1, 2026, with 90% of revenue earmarked for healthcare and the rest for education and food assistance. The measure has split leading Democrats, drawing support from unions and some lawmakers while drawing opposition from Gov. Gavin Newsom and other figures. State officials verified the signature threshold to qualify, but organizers still face a deadline (June 25) to push forward, and there’s a risk the initiative may not appear on the ballot depending on ongoing negotiations and campaign decisions.