Key Facts

• The Billionaire Tax Act is a proposed one-time tax on billionaires living in California.
• California Secretary of State Shirley Weber confirmed the measure collected enough signatures to qualify for the ballot.
• The measure will be officially certified on June 25.
• It will appear on the ballot during the midterm elections in November.
• If voters approve it, billionaires in California will have to pay this extra tax one time.
• The purpose of the tax is to raise funds, though the article does not specify how the money will be used.
• The tax targets individuals with very high wealth, known as billionaires.