California Billionaire Tax Makes Ballot Despite Tech Mogul Opposition

A controversial wealth tax proposal targeting billionaires in California has secured a spot on the ballot despite strong opposition from major tech moguls. The measure, which would levy a one-time 5% tax on residents worth over $1 billion, is being championed by Governor Gavin Newsom. Critics argue this tax could stifle innovation and drive high-net-worth individuals and their businesses out of the state.