California billionaire’s tax qualifies for the November ballot; competing measures pending signature verification
California's proposed one-time 5% net worth tax on billionaires has qualified for the November ballot after the secretary of state verified over 980,000 valid signatures. The initiative, sponsored by SEIU-UHW, will compete against other tax measures also pending signature verification.
Key Points
- Billionaire net worth tax initiative cleared signature threshold with 980,438+ valid signatures out of 1.6 million filed
- Sponsored by SEIU-UHW union, the measure imposes a one-time 5% tax on billionaires' wealth
- Multiple competing tax measures remain in signature verification process