politics
Voter initiative to offset federal healthcare cuts qualifies for California ballot
A proposed one-time 5% tax on assets above $1 billion cleared the signature threshold and will appear on the November ballot unless withdrawn by June 25. The measure is backed by a healthcare workers union and opposed by business groups.
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A proposed one-time 5% tax on assets exceeding $1 billion has qualified for California's November ballot after collecting enough signatures, the California Secretary of State announced Thursday. The measure was placed on the ballot by the Service Employees International Union-United Healthcare Workers West. It would apply only to individuals whose assets exceed the $1 billion threshold.
Background and reactions Polls cited in coverage show more than half of California voters support the concept. Florida Governor Ron DeSantis posted on X that passage would not stay limited to billionaires. "If and when this passes, it will not be limited to billionaires," DeSantis wrote.
" One architect of the proposal acknowledged that similar temporary taxes have later been extended, though the current text specifies a single levy.
Next steps Democratic California Gov.
Gavin Newsom has until June 25 to reach an agreement that would withdraw the measure and avoid a ballot fight. Newsom has publicly opposed the tax, citing risks to the state economy. Supporters argue the revenue is needed to offset federal health-care funding reductions.
"Now that California's historic Billionaire Tax has surpassed the state's signature requirement, we're one step closer to saving the hospitals and emergency rooms that we all rely on," said Debru Carthan, a spokeswoman for the Billionaire Tax Now Coalition, in a Thursday statement.
