California Billionaire Tax

California’s proposed billionaire tax has qualified for the November ballot after state officials certified that backers gathered enough signatures, setting up a high-stakes fight over taxing the state’s wealthiest residents. The measure would impose a one-time 5% tax on Californians with more than $1 billion in assets, drawing support from progressive and labor-aligned backers while facing opposition from Gov. Gavin Newsom, tech moguls and anti-tax conservatives. The campaign is expected to become expensive and divisive because California has both a left-leaning electorate and a large population of billionaires who could be directly affected. Critics warn the tax could drive wealthy residents and major business figures out of the state, while supporters see it as a way to make the ultra-rich contribute more.