A tax on billionaires qualified for the November ballot. 5 things to know about the measure

A union wants California’s billionaires to rescue the state’s healthcare system. The billionaires have other ideas.

On June 17, an initiative to tax the state’s wealthiest residents qualified for the ballot, according to the secretary of state’s office, which verifies petition signatures.

Gov. Gavin Newsom, who has consistently swatted down the idea of tax increases throughout his tenure, emerged early as an opponent of the proposed tax. Wealthy allies in Silicon Valley joined the fray armed with deep pockets and threats to leave the state, which depends disproportionately on high earners for revenue.

The union funding the measure, Service Employees International Union-United Healthcare Workers West, says California needs the revenue that would be generated by the measure to rescue the healthcare system from deep cuts that the Trump administration made last year in the president’s tax reform package, known as the “One Big Beautiful Bill Act.”




https://calmatters.org/politics/2026/06/california-unions-billionaire-tax-ballot/