Research shows that past tax increases by states have not led to wealthy residents leaving.

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.

California's billionaire tax heads to the November ballot despite Newsom's opposition. Tax passing at 35% YES.

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