California Billionaires Tax Tops 1.5M Signatures

Supporters of a proposed one-time 5 percent wealth tax on California billionaires announced Monday that they have collected more than 1.5 million signatures, nearly double the 875,000 required to qualify the measure for the November ballot.

The California Billionaire Tax Act, spearheaded by the Service Employees International Union-United Healthcare Workers West, targets individuals and trusts with net worth exceeding $1 billion as of the end of this year who resided in the state on January 1. Proponents estimate the levy, payable over five years, would generate about $100 billion over five years. They plan to direct 90 percent of the revenue to healthcare programs, with the rest supporting food assistance and public education. The initiative aims to offset anticipated shortfalls in state funding from federal reductions to Medicaid and the Supplemental Nutrition Assistance Program.

County election officials must now verify the signatures before forwarding valid ones to the secretary of state. Campaign officials expressed confidence that the measure will clear the threshold even after invalid signatures are discarded.

The proposal has sparked sharp divisions. Governor Gavin Newsom...