Supporters of a proposed one-time tax on California billionaires say they have gathered enough signatures for the measure, opposed by Governor Gavin Newsom (D), to go to a public vote in November.
| PULSE POINTS |
❓ WHAT HAPPENED: Proponents of a one-time five percent tax on billionaires in California claim they have gathered enough signatures to put the measure on a state ballot in November. The proposed tax would target businesses, stocks, and intellectual property, among other assets. 📺 DETAIL: On Monday, supporters of the billionaire tax announced that the measure has gained 1.6 million signatures of endorsement, enough for the measure to be placed on the state ballot, provided they can be verified. The proposal is sponsored by Service Employees International Union-United Healthcare Workers West, a trade union representing roughly two million workers across healthcare, property services, and public services. Supporters claim the revenue raised from the proposed tax could be used to fund healthcare for low-income residents. Governor of California Gavin Newsom (D) has announced his opposition to the measure, citing economic concerns, such as a potential exodus of billionaires from the state. Newsom’s position has divided the left, with Senator Bernie Sanders (I-VT) and Representative Ro Khanna (D-CA) among those endorsing the tax. 💬 KEY QUOTE: “This is not how I wanted to spend my last year.” – Gavin Newsom, January 2026 🎯 IMPACT: If Newsom decides to run for President in 2028, it is likely that his opposition to the measure, which is popular with grassroots Democrats and the left more broadly, will become a source of criticism. Newsom’s second term as Governor is scheduled to end in January 2027, with Trump-backed Republican candidate Steve Hilton currently leading in the packed race to replace him. 👀 IRONY: While proponents argue the billionaire tax will generate revenue to fund healthcare and welfare programs, the tax could do the opposite by incentivizing billionaires to leave the state, resulting in less tax revenue overall and fewer services for low-income Californians. |
Join Pulse+ to comment below, and receive exclusive e-mail analyses.