California Votes on Billionaire Tax | San Antonio News

California voters face a historic choice this November: approving the first-ever statewide billionaire wealth tax, targeting those with net worth over $1 billion at a 5% rate to fund healthcare and education. While supporters argue it’s fair and narrowly affects just 200 people, critics warn of legal hurdles and mass exodus of ultra-wealthy residents — even Governor Newsom opposes it. Amid rising outmigration, the debate centers on whether this bold tax could destabilize California’s economy or deliver vital public benefits. The ballot decision could make history — and reshape how wealth is taxed in America. Listen in comfort:Get a discount on a Soli Pillow: http://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/8664f5d64160c1bf