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California ‘billionaire tax’ makes ballot despite opposition from tech moguls

The Guardian World Thursday 18 June 2026, 17:25 UTC By Nick Robins-Early 1 min read
Key Points

Wealth tax criticized by billionaires and Gavin Newsom would levy a one-time 5% tax on residents worth over $1bnA controversial proposal in California to issue a wealth tax on billionaires has gained enough signatures to qualify for the ballot in November, state officials announced on Wednesday. The news is set to intensify an already heated debate around the tax, which has pitted tech moguls and the state’s governor, Gavin Newsom, against the labor unions backing the measure.

Wealth tax criticized by billionaires and Gavin Newsom would levy a one-time 5% tax on residents worth over $1bn

A controversial proposal in California to issue a wealth tax on billionaires has gained enough signatures to qualify for the ballot in November, state officials announced on Wednesday.

The news is set to intensify an already heated debate around the tax, which has pitted tech moguls and the state’s governor, Gavin Newsom, against the labor unions backing the measure.

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California (LOCATION) Gavin Newsom (PERSON)
Originally published by The Guardian World Read original →

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