California removed a tax cap measure from the November ballot. Billionaire wealth tax passage in 2026 now at 35.5% YES.

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

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.