Gavin Newsom vowed to stop California's billionaire tax. He has days left to keep it off the ballot.

California Billionaire Tax Faces Last Hurdle Before Ballot

California ballot measure (November): 5% one-time wealth tax on ~200 billionaires targeting $100B for healthcare. Governor Newsom opposes citing Silicon Valley capital-flight risk, signaling political friction between progressive taxation and tech-founder protection with VC ecosystem implications.