California Billionaire Tax Ballot Odds Sink to 35.5% as Newsom Pushes to Block 5% Measure
Updated
Updated · CNBC · Jun 16
California Billionaire Tax Ballot Odds Sink to 35.5% as Newsom Pushes to Block 5% Measure
3 articles · Updated · CNBC · Jun 16
Summary
Kalshi odds that California’s billionaire tax will reach the November ballot fell to 35.5% from 88% in a week after reports that Gov. Gavin Newsom is trying to stop it before a June 25 deadline.
The proposal, backed by SEIU-United Healthcare Workers West, would impose a one-time 5% tax on net worth above $1 billion to bolster California’s healthcare system after federal funding cuts.
The union says the measure would affect about 200 Californians with a combined $2 trillion in wealth and that it has already submitted more than 1.5 million signatures, well above the 875,000 required.
Newsom’s reported opposition lands as he weighs a presidential bid and, on Monday, accused President Donald Trump of directing the Justice Department to investigate him and his wife.