California Voters Decide Billionaire Tax

California voters will decide this November on a bold new proposal: a one-time 5% tax on billionaires with over $1 billion in net worth as of January 2026. Pushed by the Service Employees International Union, the measure was nearly blocked when the governor refused to support a smaller alternative tax—but now it’s squarely in the hands of the electorate. Backers say it’ll fund healthcare and education without hurting most Californians, while opponents warn it could drive wealthy residents out, hurting long-term revenue. Tech giants are reportedly backing the no-tax side, and with California’s budget already strained, this could be one of the most expensive and consequential ballot fights in state history. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/7b5f3058e6ef3b7c