Ultra-rich wealth tax aims for California ballot in November

A proposed one-time 5% wealth tax on Californians with more than $1 billion in assets would funnel roughly $100 billion mainly to healthcare programs (with some for food assistance and education) and could be paid over five years. The initiative cleared the signature threshold and is on track for the November ballot, though opponents including Gov. Gavin Newsom warn it could drive billionaires out and destabilize California’s economy amid volatile tax revenues. Revenue is uncertain due to stock market fluctuations, and wealthy donors have heavily funded groups on both sides as the measure advances to the ballot.