California voters will decide on a one-time 5% tax on billionaires, a fight that has split Democrats

Summary

California voters will decide on a one-time 5% tax on billionaires, a measure that has become one of the most contentious ballot fights in the state's history. The Guardian reports that the idea began about a year ago as a bold response to Donald Trump's healthcare cuts, when it was still in its infancy and was championed by a union leader. The fight has pitted Democrats against Democrats and drawn national attention, and opponents among the state's super-rich have netted hundreds of millions of Silicon Valley dollars to fight it. A Guardian commentary published on 31 October says a high-quality poll from midsummer found Democrats in California favored the measure by more than 4 to 1, yet the state's most powerful Democrats, including Governor Gavin Newsom, his near-certain successor Xavier Becerra and Los Angeles mayor Karen Bass, have lined up with Silicon Valley billionaires who have raised upward of $340m to defeat it.

Timeline

1. The Guardian

   30 Oct 2026, 15:00 UTCSource ↗

   The Guardian reports that California's proposed billionaire tax, which began a year ago as a union leader's idea in response to Trump's healthcare cuts, will now go before voters as a one-time 5% tax, and that opposition from the state's super-rich has made it one of the most contentious ballot measure fights in state history.

2. The Guardian

   31 Oct 2026, 11:00 UTCSource ↗

   A Guardian commentary says a high-quality midsummer poll found Democrats in California overwhelmingly favored the upcoming one-time 5% billionaire tax by more than 4 to 1, while the state's most powerful Democrats have lined up with Silicon Valley billionaires who have raised upward of $340m to defeat it.