California Billionaire Tax Proposal

Supporters of a controversial California proposal to implement a one-time tax on billionaires say they have enough signatures to qualify it for the November ballot. The goal of the proposal is to generate $100 billion in revenue for the state to backfill federal cuts to Medicaid, which provides healthcare to low-income people. Critics, including tech leaders and Gov. Gavin Newsom, say it could drive the state's wealthiest to leave. California's budget already relies heavily on income taxes from the state's richest people. The Secretary of State still needs to verify the signatures and officially qualify the measure.