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International Business Times

Brian Slupski

California Billionaire Wealth Tax Gets Enough Signatures To Qualify For November Ballot

California Gavin Newsom LGO

California Governor Gavin Newsom is opposed to the measure. (Credit: Getty Images)

California's billionaire wealth tax ballot initiative got enough signatures to qualify for the November election.

The ballot measure would levy a one-time tax of up to 5 percent tax on taxpayers and trusts with assets valued at more than $1 billion. California Secretary of State Shirley N. Weber announced that the initiative had surpassed the 962,106 signatures needed to appear on the ballot.

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