Overview
- SEIU–UHW has begun the signature push, needing 874,641 valid names for the initiative to qualify for the November ballot.
- The proposal would impose a one-time 5% levy on net worth above $1 billion, target roughly 200 residents, allow five years to pay, and apply retroactively to residents as of Jan. 1.
- Backers say most proceeds would bolster health care funding to address federal Medicaid cuts.
- Peter Thiel opened a Miami office, David Sacks opened an Austin office, and reports say Larry Page explored steps in Florida, reflecting relocation planning prompted by the proposal.
- Gov. Gavin Newsom opposes the state-level wealth tax and is raising money to fight it, opponents filed counterinitiatives, and coverage cites research that billionaire flight is typically limited and that wealth taxes face valuation and enforcement challenges.