California’s billionaire tax heads to November ballot despite Newsom’s opposition

California Governor Gavin Newsom was unable to negotiate a deal to prevent the state’s controversial billionaire tax from appearing on the November ballot. The measure, known as the Billionaire Tax Act, proposes a one-time 5% tax on the net worth of California residents with $1 billion or more in assets. The initiative, backed by the labor union SEIU-UHW, would affect approximately 200 individuals and is projected to raise $100 billion over five years. Despite Newsom’s opposition, the measure will now go to voters, setting the stage for a potentially significant ballot fight.

…

Excerpt limited to ~120 words for fair-use compliance. The full article is at Crypto Briefing.