California billionaire tax proposal attracts 1.5 million signatures. Here's what happens next

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California, home to the ultra-rich in Silicon Valley and Hollywood, is embroiled in a heated fight over whether to tax billionaires to fund healthcare.This week, supporters of the proposed billionaire tax began submitting nearly 1.6 million signatures, nearly twice the number needed to qualify for the November ballot.Election officials now need to verify that the signatures are valid for the initiative to land on the ballot.

California The Service Employees International Union-United Healthcare Workers West launched the effort to counter massive healthcare funding cuts that President Trump signed last year.The proposal would impose a one-time tax of up to 5% on taxpayers and trusts with assets valued at more than $1 billion, with some exclusions, such as property.Supporters of the tax, including the Service Employees International Union-United Healthcare Workers West, say it would raise $100 billion, offsetting federal funding cuts to healthcare.A small portion of the funds would also go toward education and state food assistance.If the proposal makes it to the ballot, it sets the stage for an intense, costly battle over whether the state’s billionaires should pay for services that lower-income residents depend on.

Some tech moguls have pushed back against the idea and threatened to move.Some have already moved.Voters will probably be bombarded with political ads and arguments from opposing sides as the battle intensifies.Here’s what could happen next:What are supporters arguing?Supporters of the billionaire tax are tapping into people’s frustrations about healthcare and wealth inequality.

They’ve pushed back against the idea that billionaires can avoid the tax by moving, noting that it applies to billionaires residing in California as of Jan.1, 2026.“When funding is cut, it brings a world of pain,” said Mayra Castañeda, an ultrasound technologist and a member o...