California Billionaire Tax Has Enough Signatures to Land on Ballot, Backers Say
A proposed one-time 5% tax on the assets of California residents with at least $1.1 billion has gathered enough signatures to potentially appear on the November ballot, according to supporters. The measure, backed by a labor union, aims to fund health care amid federal program cuts. Opponents, including business leaders and economic consultants, warn it could harm innovation and cost high-paying jobs. The campaign will submit over 1.5 million signatures to election officials for verification.
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AdvertisementSKIP ADVERTISEMENTYou have a preview view of this article while we are checking your access. When we have confirmed access, the full article content will load.Supported bySKIP ADVERTISEMENTCalifornia Billionaire Tax Has Signatures Needed for Ballot, Backers SayThe measure calls for placing a one-time 5 percent tax on the assets of California residents with at least $1.1 billion. Opponents are backing competing measures to counter the tax.Listen · 5:21 min Share full article102The billionaire tax’s supporters, who have been gathering signatures for months, promoted the measure at a booth at the California Democratic Convention in November.
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