California Billionaire Tax Advances to November Ballot as Tech Titans Push Back
A California measure to impose a one-time 5% wealth tax on residents worth more than $1 billion to fund healthcare and education has qualified for the November ballot after collecting more than 874,641 signatures. The proposal has become a major political battleground, pitting labor unions backing the tax against Silicon Valley billionaires who have spent tens of millions opposing it, including Sergey Brin’s $82 million campaign to defeat it. Governor Gavin Newsom opposes the measure, warning it could drive away business, while proponents mull next steps with a June 25 deadline to decide whether to advance or strike a deal.