California billionaire wealth tax clears path to November ballot after signature surge
Advocates say they’ve collected about 1.6 million signatures—roughly double the 875,000 required—to qualify a one-time 5% tax on assets over $1 billion for California’s November ballot. The revenue would fund healthcare programs (about 90%), with the rest for food assistance and education, to offset anticipated federal cuts. Opponents warn the tax could hurt the economy and drive wealthy residents away, while the measure splits Democrats—Gov. Newsom opposes it, Bernie Sanders supports it.