California billionaire tax heads to November ballot (opens in new tab)

California voters will decide in November whether to impose a one-time 5% tax on billionaires after the Service Employees International Union-United Healthcare Workers West said it would proceed with the ballot initiative despite pressure to withdraw it. The measure would apply to individuals with more than $1 billion in net worth who were California residents as of Jan. 1, 2026, and supporters aim to raise about $100 billion, mainly for Medi-Cal after federal health care cuts. Gov. Gavin New...