California billionaire tax will appear on ballot after deadline for deal passes (opens in new tab)

Proposal to introduce one-time tax of 5% will go to voters in November after backers decline to withdraw measureCalifornia voters will get to decide in November whether billionaires should pay a one-time 5% tax, after a deadline passed on Thursday for its backers to withdraw the measure.The so-called billionaire tax is among the highest-profile ballot efforts in the US this year taking aim at rising wealth disparities, and is set to be one of the state’s most contentious ballot initiatives. I...