What June 25 deadline means for ‘California Billionaires Tax’ that made tech execs leave

The California billionaire tax, which imposes a 5% wealth tax on the state's richest residents to fund healthcare, has a crucial June 25 deadline. This tax has already prompted high-profile tech executives like Larry Page, Sergey Brin, David Sacks, and Peter Thiel to relocate assets out of California. As the Legislature deliberates whether to remove the measure from November's ballot, Governor Gavin Newsom is attempting to broker a compromise. The outcome matters significantly because it could either deter future wealth from staying in the state or lead to a contentious political battle that impacts funding for essential services.