California voters set to decide on a one‑time 5% tax on billion‑dollar fortunes

On November 3, California will hold a referendum on a one‑time “billionaire tax” that would levy a 5 % charge on fortunes exceeding $1 billion. Ninety percent of the projected revenue – estimated in the tens of billions of dollars, with some forecasts reaching $100 billion over several years – is earmarked for public health care, while the remaining ten percent would support education and food‑assistance programs.

The measure is backed by labor unions and progressive Democrats, including Bernie Sanders and the Democratic Socialists of America. Opponents include the Republican Party, Democratic Governor Gavin Newsom, and several Silicon Valley billionaires such as Google co‑founder Sergey Brin, who are financing a campaign to defeat the tax. Critics warn the levy could prompt wealthy residents to relocate, potentially reducing the state’s overall tax base. The referendum appears alongside the mid‑term congressional elections and about 25 other statewide ballot questions.