What to Know About the Proposed California Wealth Tax Drawing Threats From Billionaires and Pushback From Newsom

A proposed measure in California seeks to tax billionaires’ wealth. But the effort may cause the state to lose billions in future tax revenue before it even reaches the ballot.

The proposed ballot measure, called the 2026 Billionaire Tax Act, would impose a one-time 5% tax on billionaires’ assets. The measure is still in the process of gathering the 90,000 signatures necessary to put it before voters in November. But it is already receiving fierce backlash from several of the state’s...