California Billionaire Tax Ballot Chances Plummet Amid Governor's Opposition
En resumen
- Chances for California's proposed 5% billionaire tax to appear on the November ballot have dropped significantly, with Governor Gavin Newsom reportedly pushing to block it.
- The tax, backed by a healthcare union, targets about 200 individuals with over $1 billion in net worth.
Resumen generado por IA
Por qué importa
Chances for a proposed 5% one-time tax on billionaires to appear on California's ballot have significantly decreased following reports of Governor Gavin Newsom's opposition. The tax, backed by a healthcare union, aims to fund the state's healthcare system.
Chances that a proposed billionaire tax will appear on California's ballot dropped from 88% to 35.5% over the last week on prediction markets platform Kalshi.
The plunge arrives on the heels of reports from Politico and Bloomberg News that Gov. Gavin Newsom is pushing to stop the proposed tax from appearing on November's ballot before a June 25 deadline.
The proposal, backed by the Service Employees International Union – United Healthcare Workers West, calls for a one-time 5% tax on a billionaire's net worth.
The union argues that taxing billionaires will support the state's healthcare system after massive federal funding cuts.
"The tax would be paid only by Californians worth more than $1 billion — which is about 200 people who hold a combined wealth of $2 trillion," the union's website states.
The union added it submitted more than 1.5 million signatures from California voters to have the billionaire tax act on the ballot. Only 875,000 signatures are required.
Newsom's reported opposition to the billionaire tax measure comes as he's seriously considering the presidential election. On Monday, the governor accused President Donald Trump of ordering the Department of Justice to investigate him and his wife.
In a post on X, Newsom said that Trump was driven to target him because of the fact that "I am considering running for President."
Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment.
Qué observar
Perspectiva de IA — posibilidades, no hechos
The billionaire tax measure will not appear on California's November ballot.
Probable · En semanas
Preguntas abiertas
- Will Newsom's opposition succeed in blocking the ballot measure?
- What are the specific legal challenges to the proposed tax?
- What is the union's next step if the measure is blocked?
