California billionaire tax will appear on ballot after deadline for deal passes
Summary
California voters will decide in November whether to approve a one-time 5% tax on billionaires. The tax proposal will appear on the ballot after backers missed the deadline to withdraw it, following failed negotiations with Governor Gavin Newsom.Key Facts
- The California Billionaire Tax Act will be on the November ballot after supporters failed to withdraw it by the deadline.
- The tax would charge billionaires a one-time 5% tax aimed at funding healthcare, education, and food assistance programs.
- The proposal was put forward by the Service Employees International Union–United Healthcare Workers West (SEIU-UHW).
- More than 1.55 million signatures were collected, over twice the amount needed to qualify for the ballot.
- Governor Gavin Newsom and opponents argue the tax could harm California’s economy and push businesses out of the state.
- Tech billionaires like Peter Thiel, Sergey Brin, and Chris Larsen have spent millions to oppose the tax.
- Some labor unions and medical groups, including the California Teachers Association and Planned Parenthood Affiliates of California, have also opposed the tax.
- Opponents have introduced a separate measure to block new taxes on retirement savings and personal assets, which also qualified for the ballot.
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