California Billionaire Tax Heads to November Ballot Amid Budget Worries
A labor-union–backed, one-time 5% tax on California billionaires’ assets is headed to the November ballot to offset federal healthcare funding cuts, drawing strong opposition from Gov. Newsom and major business/healthcare groups who warn it could destabilize the state’s budget and spur billionaire exit; two rival “poison pill” measures could void the proposal even if voters approve, and supporters gathered about 1.6 million signatures to qualify.