Wealth tax criticized by billionaires and Gavin Newsom would levy a one-time 5% tax on residents worth over $1bn A controversial proposal in California to impose a wealth tax on billionaires has gained enough signatures to qualify for the ballot in November, state officials announced on Wednesday...
Source: [Guardian World](https://www.theguardian.com/us-news/2026/jun/18/california-billionaire-tax-ballot-tech-opposition)