California billionaire tax proposal is slated to qualify for the November ballot

A proposal to temporarily increase taxes on billionaires in California to counter federal cuts to healthcare for low-income people has sufficient public support to qualify for the November ballot. The proposal, backed by the Service Employees International Union Healthcare Workers West, would impose a one-time, 5% tax on individuals with a net worth over $1 billion as of Jan. 1, 2026, aiming to generate $100 billion for Medicaid, food assistance, and education. Critics, including tech moguls and Governor Gavin Newsom, argue it could reduce state revenue by driving the wealthy out, and a similar 2022 measure was rejected by voters.