California billionaire tax measure certified for November ballot amid partisan split
A ballot initiative proposing a 5% tax on the assets of California's wealthiest residents has been certified for the Nov. 3 vote, drawing support from labor unions and opposition from the governor and business groups.
California Secretary of State Shirley Weber announced Thursday that a measure to impose a one-time 5% tax on the assets of the state’s billionaires will appear on the Nov. 3 ballot. The proposal, backed by the Service Employees International Union-United Healthcare Workers West, aims to generate revenue to offset federal cuts to healthcare funding that are expected to affect vulnerable Californians.
Union representatives said the campaign has gathered about 1.6 million signatures, roughly double the number required for qualification. They argue the tax would provide a short-term solution to the projected $100 billion reduction in federal healthcare assistance.
Opponents, including Governor Gavin Newsom, the California Medical Association, the California Primary Care Association, and various business and education leaders, contend the measure would increase budget volatility and could lead to broader tax filings for all Californians. They have also qualified two competing initiatives that would limit new state taxes on personal property and require stricter auditing of tax exemptions.
Democratic Representative Ro Khanna supported the tax, describing opposition as aligned with “trickle-down economics.” In contrast, Newsom’s administration has not commented on the measure but has joined a coalition of groups warning that the tax could destabilize the state’s finances.
The debate reflects a broader partisan divide, with some liberal leaders endorsing the tax as a way to address immediate healthcare funding gaps, while others argue that a national approach would be more effective and caution against potential economic repercussions, including the relocation of high-net-worth individuals out of the state.
