Billionaire tax proposal in California on track to qualify for ballot
A proposal in California to impose a one-time 5% tax on billionaires has qualified for the November ballot. The initiative aims to generate $100 billion to support healthcare funding for low-income individuals. While supporters argue it is necessary for public health, opponents warn it could drive wealthy residents out of the state.
- ▪The proposal is backed by the Service Employees International Union Healthcare Workers West.
- ▪Supporters collected over 1.5 million signatures to qualify the measure for the ballot.
- ▪Opponents, including Democratic Governor Gavin Newsom, argue it could harm California's economy.
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SACRAMENTO, Calif. — A controversial proposal in California to temporarily increase taxes on billionaires has enough signatures to qualify for the November ballot, a labor union backing the measure said Monday.The proposal, backed by the Service Employees International Union Healthcare Workers West, would impose a one-time, 5% tax on individuals whose net worth exceeds $1 billion and who were living in the state as of Jan. 1, 2026. The goal is to generate $100 billion in revenue, which would largely be used to offset federal funding cuts to healthcare for low-income people.“California’s health is at stake,” said Liz Perlman, executive director of a chapter of the American Federation of State, County and Municipal Employees, a major labor union. “Hospitals are closing and people will die.
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