California Billionaires Tax Qualifies for November Ballot

A proposal to impose a one-time 5 percent tax on the assets of California billionaires has qualified for the November ballot. The California Secretary of State’s office announced Wednesday that supporters had gathered enough signatures to place the measure before voters after months of maneuvering and opposition from influential political and business leaders. The proposal, backed by a health care union, would levy a one-time tax on the assets of the state’s wealthiest residents. Advocates of the measure claim the increase in revenue would help offset the effects of federal spending reductions and provide resources to prevent hospital closures and...