A measure that will hit California billionaires with a one-time tax of five percent on their assets has qualified to appear on the ballot.

A proposal to temporarily increase taxes on billionaires in California to counter federal cuts to healthcare for low-income people has sufficient public support to qualify for the November ballot.

OAKLAND - An initiative to tax California’s wealthiest residents has qualified for the November ballot, state officials announced Wednesday evening. Petitioners submitted more than the roughly 875,000 valid signatures needed to place the measure before voters. It will formally qualify on June 25 unless proponents withdraw it. The proposal, backed by SEIU United Healthcare Workers West, would impose a one time 5% tax on individuals with a net worth above $1 billion who lived in California as of Jan. 1, 2026. Supporters estimate it would generate about $100 billion, with 90% directed to the state’s Medicaid program and the remainder to food assistance and education programs. Gov. Gavin Newsom, along with several other prominent Californians and groups, is among those who oppose the proposal. Newsom is reportedly attempting to negotiate a deal that would keep the initiative off the ballot before the June 25 deadline. Newsom has argued that higher taxes would accelerate the departure of wealthy residents and businesses.…