California voters may get to weigh in on a first-of-its-kind tax on billionaires this fall, if backers' signature claims hold up. The union behind the proposal, SEIU-United Healthcare Workers West, says it has gathered more than 1.5 million signatures—nearly double the roughly 875,000 valid ones needed—to put a one-time 5% levy on residents with at least $1 billion in assets on the November ballot, reports the Los Angeles Times, noting property assets would be exempt. About 90% of the funds from the tax, to be paid over five years, would be steered to health care, which supporters frame as a way to backfill federal cuts. The rest would go to food assistance and education.
Backed by Sen. Bernie Sanders, the measure faces opposition from fellow Democrat Gov. Gavin Newsom and tech leaders who warn it could drive wealth and innovation out of California. A new, opposition-commissioned study argues the tax would wipe out more than 100,000 high-paying jobs and strip billions in income tax revenue over 20 years, per the New York Times. State analysts previously projected tens of billions in new wealth-tax revenue but acknowledged some billionaires would likely leave the state. Billionaires including Google co-founder Sergey Brin and investor Ron Conway are funding rival ballot measures that could block or blunt the tax, creating a tangle of competing initiatives that could both complicate voter choices and give Newsom added negotiating power.
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