California’s Billionaire Tax Battle

California voters face a bold new ballot measure this November: a one-time 5% tax on billionaires worth over $1 billion, aimed at raising $100 billion to bolster Medicaid amid looming federal cuts. Backed by the Service Employees International Union Healthcare Workers West, the proposal has drawn fierce opposition from Governor Gavin Newsom and allies who warn it could drive wealth out of state, destabilizing critical services. Critics argue California already depends heavily on top earners for revenue, and scaring them away could create long-term fiscal chaos. Despite union efforts to negotiate a lower 2% rate, the governor remained unmoved. With tech billionaires already shifting assets and pouring millions into opposition campaigns, the measure’s future hangs in the balance — and if it passes, expect legal battles to follow. Voters will decide whether to tap the nation’s richest for a state in need — with big money and big stakes on both sides. 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/b37c46eed667c53b