"I want a Democratic party that will stand for the working class," said Rep. Ro Khanna, a supporter of taxing billionaire wealth. "Whose side are you on?"

Odds that a proposed billionaire tax is on California's ballot dropped after reports noted that Gov. Gavin Newsom is pushing to stop the proposal.

California's billionaire tax faces steep decline after Newsom's opposition. Tax passing in 2026 now at 19% YES.

Gov. Gavin Newsom vowed to stop a billionaire tax in California. The deadline for the measure to appear on the November ballot is days away.

“This is not going to be, ‘Billionaires killed this wealth tax’ if it appears on the November ballot,” said Newsom's chief of staff. “It’s going to be Planned Parenthood, doctors,…

A wealth tax proposal in California is running into left-leaning resistance, with critics arguing it's not a stable revenue source.

California Billionaire Tax Act gains enough signatures for November ballot. Proposed 5% wealth tax to fund hospitals, food aid, and education.

The wealth tax has qualified for the November ballot, but a Gavin Newsom–brokered deal could still kill it.

"I want a Democratic party that will stand for the working class," said Rep. Ro Khanna, a supporter of taxing billionaire wealth. "Whose side are you on?"

Gov. Gavin Newsom said he remains opposed to a proposed tax on billionaires, even after the union backing the measure revised its plan.