California voters to consider ballot measure to increase taxes on billionaires - Fox Business

California voters will decide in November on a ballot measure to impose a one-time 5% tax on billionaires, a proposal backers say could raise about $100 billion to help offset federal Medicaid funding gaps. Governor Gavin Newsom has publicly opposed the state measure and urged voters to vote no, warning it could trigger a wealth and business exodus from California. The measure could become a high-profile issue shaping campaign messaging, turnout and attitudes toward billionaire candidates and donors in statewide and national politics.