Controversial Billionaire Tax Will Appear on California Ballot This Fall

Business

A controversial proposal that would impose a one-time 5% tax on the wealth of billionaires in California will be put before voters in November after Gov. Gavin Newsom failed to reach a deal with the union behind the measure by the deadline to withdraw ballot initiatives on Thursday. Opponents of the measure—a group that includes Newsom, as well as a number of Silicon Valley tech giants, advocacy groups, and other lawmakers in the state—argue that it will hurt California’s economy by driving out