Bill Ackman, Palmer Luckey, Jensen Huang, and other business leaders are sounding off on California's proposed billionaire tax.

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.

The proposed measure, which would impose a one-time 5% wealth tax on California billionaires, is opposed by Gov. Gavin Newsom and other top lawmakers in the state.

Bill Ackman, Palmer Luckey, Jensen Huang, and other business leaders are sounding off on California's proposed billionaire tax.

Billionaire's are bracing for California's wealth tax, setting up for a pricy ballot fight and likely legal challenges.