Billionaire tax measure qualifies for California ballot

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A one-time wealth tax on billionaires living in California has qualified to be on the ballot in November.

California Secretary of State Shirley Weber on Wednesday said the measure, called the Billionaire Tax Act, received enough signatures and will be certified on June 25 to be included on the ballot for the midterm elections.

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If approved, the measure, championed by Sen. Bernie Sanders (I-Vt.), would impose a 5 percent tax that allocates 90 percent of this collected tax revenue for health care programs and 10 percent for food assistance or education-related programs.

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But the ballot initiative has divided some California Democrats who argue it could push billionaires out of the state — particularly in Silicon Valley. Google co-founder Sergey Brin previously warned that the tax will undermine California businesses and force businesses leaders out of state.

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California Gov. Gavin Newsom (D) also opposes the initiative, arguing that it should be used across the country instead of solely in the West Coast state. He told The New York Times earlier this year that there was “no question in my mind” that the measure would be defeated.

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