California to Vote on 'Billionaire Tax' Amid Exodus of Tech Giants

A so-called "billionaire tax," which would impose a one-time levy on the wealthy to fund healthcare for low-income residents, is set to be put to a vote in California.

The New York Times (NYT) and Politico reported on June 18 (local time) that the California Secretary of State has officially confirmed that the Service Employees International Union-United Healthcare Workers West (SEIU-UHW), which has been pushing for the tax, has collected enough valid signatures to place the measure on the ballot.

To qualify for a statewide referendum, 875,000 signatures are required, a threshold the union met through a signature drive that began early this year.

If the union formally files the measure by the end of June, the vote will take place this November.

The billionaire tax would impose a 5% levy on the assets of California residents with a net worth of at least $1.1 billion.

The tax is intended as a one-time payment, with the proceeds earmarked for Medicaid (healthcare for low-income individuals) funding.

Since discussions regarding the billionaire tax began, California has seen an exodus of IT company CEOs moving to other regions to avoid the potential tax burden.

Google co-founder Larry Page closed or relocated 45 companies within California last year and moved his primary residence to Miami, Florida.

Fellow Google co-founder Sergey Brin has also purchased real estate in Florida and Nevada, while Meta CEO Mark Zuckerberg has acquired property in Florida as well.

PayPal co-founder Peter Thiel, former Uber CEO Travis Kalanick, and Oracle co-founder Larry Ellison have also either sold their California properties or announced plans to leave the state.

California Governor Gavin Newsom, a Democrat, has also expressed concerns over the billionaire tax, stating that he will "do what is necessary to protect the state."
※ Please note: This article was translated by AI and may contain errors.