Californias raid on the rich passes major milestone as hated billionaire tax qualifies for ballot

California’s controversial billionaire tax measure has secured enough signatures and qualified to appear on the November ballot, according to the state’s secretary of state.The measure — championed by the Service Employees International Union-United Healthcare Workers West (SEIU-UHW) — would levy a one-time 5% tax on the state’s ultra-rich whose assets exceed $1 billion.If approved by voters in November, the measure would be the first of its kind in the country.It appears to have a viable path to passage, with one poll indicating that 54% of likely voters support the tax.The results will be certified on June 25 alongside other election outcomes finalizing the November ballot.

That means state leaders, including California Gov.Gavin Newsom, have about a week to try to negotiate the measure off the ballot and strike a deal with SEIU-UHW, which represents more than 120,000 healthcare workers, patients and consumers across California.

The group says the tax is needed to help close an estimated $100 billion healthcare funding gap created by recent federal spending cuts.Under California law, the proponents of a citizen-initiated ballot measure have the right to withdraw their proposal even after it has gathered enough signatures to qualify for the ballot.Thanks to a 2014 law, proponents of state statutes, constitutional amendments and veto referendums can officially pull their measure off the ballot as long as they do so at least 131 days before the general election.California's top news, sports and entertainment delivered to your inbox every day.

Please provide a valid email.By clicking above you agree to the Terms of Use and Privacy Policy.

Never miss a story Almost every time a qualified measure is removed from the ballot, it is because of a legislative compromise.California’s proposed billionaire tax has awakened Silicon Valley giants.Wealthy tech moguls and crypto billionaires are flooding state...