Sergey Brin alone donated $82 million to defeat the measure — from a committee of fewer than a dozen donors that raised $118 million total.

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.

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