California's Wealth Tax: A Billionaire Showdown

0:00It's April 27. This is US News Today, driven by AI tracking America in real time. Supporters of a one-time 5% wealth tax on California's billionaires say they've collected over 1.5 million signatures to get it. On the November ballot, the measure targets the state's richest folks to raise cash for things like health care. They need about 875,000 verified signatures and backers feel good about passing that mark. This push comes from the service employee's international union, representing over 120,000 health care workers. Their aiming to plug holes from federal spending cuts under Trump's tax law, county officials still have to double check all those petitions before it moves forward. Reactions are firing up on both sides. Governor Gavin Newsom calls it a bad idea that could chase away wealthy residents, progressives like Bernie Sanders' back-end, and a UC Berkeley poll shows 52% of voters leaning in favor, with 33% against opponents, including Google co-founder Sergei Brenn, are dropping tens

1:04of millions to fight it with rival ballot measures. They warn it'll kill jobs, spark out migration, and tank the economy in a state already pinched by high costs. Analysts predict tens of billions in one-time revenue, but warn of hundreds of millions in yearly losses of billionaires' bolt. With certification ahead and voters deciding, this wealth showdown is set to dominate California 's fall debate.