Backers of a new tax on California billionaires appear to have gathered more than enough signatures to put the proposal on the ballot this fall, escalating a battle between the state’s labor unions and its richest residents.
The labor coalition behind the initiative said at a press conference Friday that more than 1.5 million Californians had signed the petition calling for a one-time 5% tax on the assets of people with at least $1.1 billion. They would need at least 875,000 valid signatures to put the question to voters in November.
Backers planned to submit the signatures to the state on Friday so officials could begin the verification process.
Mayra Castañeda, a member of SEIU-United Healthcare Workers West, the union leading the campaign, said approval of the tax would help offset healthcare funding cuts created by last year’s Republican tax bill.
“California is home to more billionaires than anywhere in the country,” Castañeda said. “Ultra-wealthy billionaires have seen their fortunes skyrocket, even as food, rent and gas prices increase, crushing working families who are struggling to stay afloat.”
