Key facts
- A one-time wealth tax on billionaires in California has qualified for the November ballot.
- The proposed tax rate is 5% on individuals with a net worth over $1 billion.
- The measure aims to raise an estimated $100 billion for healthcare, food assistance, and education programs.
- Opponents, including tech leaders and Governor Gavin Newsom, argue the tax could drive wealthy residents out of the state.
- The measure will be certified on June 25 unless proponents withdraw it.
A one-time wealth tax on billionaires living in California has qualified for the November ballot, state officials announced. The measure, known as the Billionaire Tax Act, would impose a 5% tax on individuals with a net worth exceeding $1 billion, with 90% of the revenue allocated to healthcare programs and 10% to food assistance or education. The initiative successfully gathered more than the required 874,641 valid signatures from registered voters. However, the proposal has divided some California Democrats, with opponents like Google co-founder Sergey Brin warning it could push wealthy residents out of the state. Governor Gavin Newsom also opposes the measure, suggesting it should be implemented nationwide and has been involved in negotiations to prevent it from reaching the ballot. The measure will be certified on June 25 unless proponents withdraw it.