Supporters of billionaire tax submit signatures to place measure on California's ballot
NBC News • • general
Key Points:
- A proposal to impose a one-time 5% tax on Californians with net worths over $1.1 billion is closer to qualifying for the November ballot after supporters collected over 1.5 million signatures, nearly double the required amount.
- The tax revenue would be primarily allocated to healthcare spending, aiming to address service cuts and coverage losses amid rising living costs for working families.
- The tax would also include a smaller levy on individuals worth between $1 billion and $1.1 billion, applying retroactively to residents as of January 1, 2026.
- The initiative has sparked division among California Democrats, with Governor Gavin Newsom opposing it, while figures like Rep. Ro Khanna and billionaire Tom Steyer support the measure.
- Critics warn the tax could drive wealthy individuals and investors out of the state, potentially worsening budget issues, while proponents argue it is necessary to offset Medicaid funding cuts.
