California’s billionaire tax proposal has garnered enough signatures to become eligible for the general election ballot on Nov. 3, Secretary of State Shirley N. Weber announced June 17.
Weber said the initiative gained 962,000 required projected signatures, calculated through random sampling, 110 percent of the approximately 875,000 valid signatures needed by June 24. She said she will certify the initiative as qualified on June 25.
The measure is a proposed one-time tax of up to 5 percent on individuals with a net worth of more than $1 billion living in the state as of Jan. 1, 2026, with some exceptions that include certain pensions and retirement accounts.
The state, home to more billionaires than any other, already relies on its top 1 percent of earners for nearly half of its personal income tax revenue….