The California billionaire tax is headed to the ballot. The ultrawealthy are bracing for what comes next.

California's proposed billionaire tax is gearing up for a heated debate as it moves toward the November ballot, setting the stage for a costly legal battle. Wealthy individuals and their advisors are preparing for potential challenges, indicating deep divisions over the fairness and effectiveness of such a tax. This move signifies a broader national conversation about wealth inequality and how to address it, with implications for tax policy and legislative strategies nationwide. The outcome could redefine how states approach taxation on the ultrawealthy and influence similar proposals across the country.