California Billionaire Tax Ballot

Backers collected more than 1.5 million signatures to put a one‑time, 5% wealth tax on the November ballot that would apply to residents with net worth ≥ $1 billion (about 200 people). Proponents say it could raise roughly $100 billion up front; the nonpartisan analyst warns of tens of billions upfront but potential ongoing losses if wealthy residents relocate. — If enacted, the measure would test whether state‑level wealth taxation can raise large one‑off revenues, trigger migration and legal fights, and catalyze similar political strategies elsewhere.