Billionaire tax proposal in California is on track to qualify for the ballot, backers say

A controversial proposal in California to temporarily increase taxes on billionaires has enough signatures to qualify for the November ballot, a labor union backing the measure said Monday. The proposal, backed by the Service Employees International Union Healthcare Workers West, would impose a one-time, 5% tax on individuals whose net worth exceeds $1 billion and who were living in the state as of Jan. 1, 2026. The goal is to generate $100 billion in revenue, which would largely be used to off...