California billionaire tax collects more than enough signatures for November ballot
Fox Business • • nation
Key Points:
- The Service Employees International Union–United Healthcare Workers West (SEIU-UHW) has collected over 1.55 million signatures to place the California Billionaire Tax Act on the ballot, nearly double the required 875,000 signatures.
- The proposed tax would impose a one-time 5% tax in 2027 on the net worth of California residents with assets exceeding $1 billion, targeting roughly 200 billionaires, with payments spread over five years.
- Supporters argue the tax is necessary to offset federal healthcare cuts and protect California’s emergency rooms and hospitals, while opponents warn it could cost 108,000 high-paying jobs and drive wealthy residents and businesses out of the state.
- Governor Gavin Newsom has expressed opposition to the tax, citing concerns about economic damage and loss of investment, a view supported by reports of several billionaires relocating out of California ahead of the tax deadline.
- The Legislative Analyst’s Office forecasts a temporary increase in state revenue from the tax but warns of a long-term decrease in income tax revenues as billionaires potentially flee the state in response.
