Billionaire Tax Proposal Qualifies for California November Ballot

A proposal to raise taxes on wealthy Californians has qualified for the November ballot, according to California Secretary of State Shirley Weber. The initiative, often referred to as the billionaire tax, would impose a one-time 5% tax on individuals with a net worth exceeding $1.1 billion if approved by voters. Supporters, including the Service Employees International Union-United Healthcare Workers West, have until June 25 to decide whether to proceed with the initiative. The measure has divided prominent Democrats, with some, including California Governor Gavin Newsom and former Health Secretary Xavier Becerra, opposing it, while others, such as Rep. Ro Khanna and activist Tom Steyer, support it, citing potential benefits in addressing income inequality and state budget shortfalls. The proposal also includes a smaller tax for individuals worth between $1 billion and $1.1 billion and mandates that 90% of the new revenue be allocated to healthcare, with the remaining 10% designated for education and food assistance programs.