Organizers of California’s billionaire tax proposal say they turned in over 1.5 million signatures to state election officials April 27, which could be enough to qualify the initiative for the November ballot.
Backers of the act, including Service Employees International Union-United Healthcare Workers West, needed 875,000 signatures to qualify before the June 24 deadline.
If passed, California residents who live in the state as of Jan. 1, 2026, with a net worth over $1 billion would pay a one-time tax of 5 percent on their net worth, a plan that proponents hope will raise $100 billion to fund local hospitals and emergency rooms, food aid, and support public education….