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SACRAMENTO, Calif. — <\/span>A controversial proposal<\/a> in California to temporarily increase taxes on billionaires has enough signatures to qualify for the November ballot, a labor union backing the measure said Monday.<\/p>\n The proposal, backed by the Service Employees International Union Healthcare Workers West, would impose a one-time, 5% tax on individuals whose net worth exceeds $1 billion and who were living in the state as of Jan. 1, 2026. The goal is to generate $100 billion in revenue, which would largely be used to offset federal funding cuts to healthcare for low-income people.<\/p>\n \u201cCalifornia\u2019s health is at stake,\u201d said Liz Perlman, executive director of a chapter of the American Federation of State, County and Municipal Employees, a major labor union. \u201cHospitals are closing and people will die. Why? So billionaires can get another tax cut that they don\u2019t need.\u201d<\/p>\n The California Secretary of State still has to verify the signatures and officially place the measure on the ballot. Backers say they collected more than 1.5 million signatures, well over the roughly 875,000 they needed.<\/p>\n If the measure goes before voters in November, it could prompt one of the costliest ballot fights ever and will draw national attention as a litmus test for voter attitudes on raising taxes on the rich. Vermont Sen. Bernie Sanders has already traveled to California to campaign for the idea. <\/p>\n Meanwhile, Democratic Gov. Gavin Newsom and Silicon Valley tech moguls are adamantly opposed. They warn it will drive California’s wealthiest residents out of the state. Nearly half of California’s personal income tax revenue comes from the top 1% of earners<\/a>. Some have already purchased properties out of state in case it passes.<\/p>\n \u201cAfter playing with matches since October the SEIU has succeeded in lighting a \u2018Tax the Rich\u2019 wildfire by getting enough signatures,\u201d said David Lesperance, a tax consultant who’s advised some of his wealthy clients who left California because of the proposal. \u201cThe many billionaire targets of their efforts have already responded by executing fire escape plans by relocating to other states.\u201d<\/p>\n Brian Brokaw, a longtime Newsom adviser who is leading a political committee opposing the tax, said the measure was poorly constructed and would deal a huge blow to the state\u2019s budget.<\/p>\n \u201cEnacting a so-called wealth tax in just one state wouldn\u2019t target a small group — it would impact all 40 million Californians,\u201d he said in a statement. \u201cThis proposal trades a short-term revenue bump for long-term losses.\u201d<\/p>\n At least 25 billionaires listed among Forbes magazine\u2019s 2025 rankings of the world\u2019s 500 wealthiest people either lived in California or had some significant ties to the state, based on a review by The Associated Press. But determining whether they were full-time residents or just frequent visitors could turn into a matter of dispute, since many of them own property elsewhere.<\/p>\n The big tax and spending cuts law<\/a> President Donald Trump signed last year will cut more than $1 trillion<\/a> nationwide over a decade from Medicaid and federal food assistance.<\/p>\n<\/div>\n