PoliticsCalifornia’s billionaire tax faces a precarious path amid opposition from the rich

California voters will decide on November 3 whether to levy a one-time 5 percent tax on the assets of the state’s billionaires. Tech billionaires have raised more than $300m to defeat the proposal, far exceeding the $32m raised by supporters. Campaign volunteers say advertisements spread misleading claims that ordinary people could be taxed. The state Democratic Party backs the measure, while Governor Gavin Newsom opposes it.

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AAl Jazeera★★★☆☆2026-10-26 09:08Original