Newsom fights billionaire tax plan, turning California ballot into a political showdown

California Governor Gavin Newsom vowed to block a proposed 2026 ballot measure that would impose a one-time 5% tax on residents worth more than $1 billion, arguing it would hurt the state's economy and push investments out of California. The measure, backed by SEIU, faces opposition from tech moguls and business groups who warn it could drive the ultra-wealthy to relocate. Signature threshold to qualify remains 900,000, and the issue has emerged as a political flashpoint as billionaires react and lawmakers mobilize against the plan.