California voters will weigh a one-time billionaire tax

Key Points:

• A controversial California ballot measure proposing a one-time 5% tax on billionaires worth over $1 billion has qualified for the November election, targeting residents as of January 1, 2026, with payments due in 2027 or over five years at a higher cost.
• The tax aims to capture total wealth including stocks and business holdings, excluding real estate and retirement accounts, with funds primarily allocated to healthcare spending, addressing cuts made under the Trump administration.
• The measure is supported by the Service Employees International Union-United Healthcare Workers West and some progressive politicians like Sen. Bernie Sanders, but faces fierce opposition from wealthy tech billionaires, including Sergey Brin, who has donated $57 million to defeat it.
• The proposal has divided California Democrats, with Governor Gavin Newsom and gubernatorial candidate Xavier Becerra opposing it, while a coalition of health care and education groups also launched an opposition campaign, fearing it could hinder future revenue measures.
• Opponents are funding additional ballot measures to weaken or block the billionaire tax and restrict healthcare unions' future ballot efforts, though none of these countermeasures have yet qualified for the November ballot.