California billionaire tax proposal attracts 1.5M signatures
Supporters of a proposed one-time 5% tax on California billionaires have submitted nearly 1.6 million signatures, almost double the required amount, to place the measure on the November ballot. The tax would target individuals and trusts with over $1 billion in assets and is projected to raise $100 billion, primarily to offset federal healthcare cuts and fund education and food assistance. The proposal faces strong opposition from tech billionaires and business groups, who argue it could harm the economy and trigger an exodus of wealthy residents.
- ▪The proposal requires a one-time 5% tax on assets over $1 billion.
- ▪Supporters submitted nearly 1.6 million signatures, nearly twice the needed amount.
- ▪Opponents fear economic damage and wealthy residents relocating, while a competing ballot measure could nullify the tax.
- ▪The tax is expected to raise $100 billion for healthcare, education, and food assistance.
- ▪Bernie Sanders and SEIU-United Healthcare Workers West support the measure.
Opening excerpt (first ~120 words) tap to expand
Supporters attend a February rally in Los Angeles for the billionaire tax proposal. (Jason Armond / Los Angeles Times) By Queenie Wong Staff Writer Follow April 30, 2026 3 AM PT 53 6 min Click here to listen to this article Share via Close extra sharing options Email Facebook X LinkedIn Threads Reddit WhatsApp Copy Link URL Copied! Print 0:00 0:00 1x This is read by an automated voice. Please report any issues or inconsistencies here. Supporters of a proposed one-time 5% tax on California billionaires began submitting nearly 1.6 million signatures, nearly double the requirement to qualify for the November ballot.The measure would tax billionaires with assets exceeding $1 billion.
…
Excerpt limited to ~120 words for fair-use compliance. The full article is at Los Angeles Times.