SEIU-UHW

Sergey Brin, John Doerr, Peter Thiel, and other California billionaires have donated over $120 million to oppose a proposed 5% wealth tax on residents with assets over $1 billion. The tax, which would be voted on in November, faces opposition from tech elites including Brin, who contributed $82 million, and Doerr, who donated $10 million, while union-backed supporters have raised $31 million.

California's proposed Billionaire Tax Act would impose a one-time 5% tax on residents with a net worth over $1 billion. The tax plan, which could appear on the November ballot, faces opposition from critics who warn it may drive wealthy residents out of the state and lacks sustainable funding, while supporters argue it would fund healthcare, education, and food assistance.

Prediction markets show uncertainty about California's proposed billionaire tax passing the June 25 ballot deadline and subsequent voter approval. Kalshi and Polymarket traders price the odds of the tax appearing on the November ballot at near 50%, with lower chances of voter support at 18-19%. The tax targets individuals and trusts with $1 billion+ net worth, facing opposition from groups like the California Teachers Association and support from others like SEIU-UHW.

Gov. Gavin Newsom is opposing a proposed one-time 5% tax on California residents with over $1 billion in assets, with a June 25 deadline to prevent it from appearing on the November ballot. The measure, backed by a healthcare workers union and some progressive groups, faces opposition from teachers unions and others who argue it would not provide sustainable funding, while supporters claim it would fund healthcare, education, and food programs.