"The fact that the ultra-wealthy and billionaire-backed politicians like Gov. Newsom nearly succeeded in killing it is the single best argument for why we need to tax billionaires in the first place."

Californians will vote in November on a controversial proposal to impose a one-time tax on billionaires to help fund federal funding cuts to healthcare for low-income people.

Proposal to introduce one-time tax of 5% will go to voters in November after backers decline to withdraw measure

The ballot measure will decide if California will impose a one-time 5% tax on its billionaire residents, an idea that has been controversial.