California billionaire tax proposal qualifies for the November ballot

2026 ElectionCalifornia billionaire tax proposal qualifies for the November ballotThe ballot initiative, which has divided Democrats, would implement a one-time tax on wealthy Californians if approved by voters in the fall.Listen to this article with a free account00:0000:00Prominent California Democrats are split over a billionaire tax that has qualified for the general election ballot.Patrick T. Fallon / AFP via Getty Images fileShareAdd NBC News to GoogleJune 18, 2026, 10:06 AM EDTBy Adam EdelmanA proposal to raise taxes on the wealthiest Californians has qualified for the November ballot, state officials said Wednesday, setting up what could be an expensive and divisive fight.Subscribe to read this story ad-free Get unlimited access to ad-free articles and exclusive content.The so-called billionaire tax — which has divided Democrats in the state — would implement a one-time tax on rich Californians if approved by voters. California Secretary of State Shirley Weber said in a statement late Wednesday that the measure was eligible for the ballot this fall after her department verified the required number of signatures submitted by organizers. There is still a chance, however, that the initiative will not appear on California’s ballot. The proposal’s supporters — led by Service Employees International Union-United Healthcare Workers West, a large California healthcare workers union — have until June 25 to decide whether they want to move forward with their push.Several groups and lawmakers have for months engaged in negotiations over ways to reach a deal that would appease the unions supporting the tax while also preventing it from appearing on the ballot.The measure has split prominent Democrats across the state.Opponents have argued the initiative would drive wealthy investors and tech leaders from the state. California Gov. Gavin Newsom, widely seen as a presidential hopeful, has lined up in opposition to the billionaire tax.Former Health Secretary Xavier Becerra...