Overview of California’s billionaire tax

California’s proposed billionaire tax, which would impose a one-time 5% tax on residents worth over $1 billion, is heading to voters in November after gaining sufficient signatures. Backed by some unions to fund healthcare and social programs, the measure faces strong opposition from Governor Gavin Newsom and Silicon Valley billionaires, who are funneling extensive funds into campaigns to oppose it. Industry groups argue the tax lacks a sustainable funding plan and could drive wealthy residents out of the state. Meanwhile, additional measures by tech billionaires aim to prevent new taxes, complicating the ballot and increasing campaign activity.

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