Supporters of billionaire tax submit signatures to place measure on California's ballot

The proposal, which has divided Democrats in the state, would implement a one-time tax on wealthy Californians if it qualifies for the ballot and is approved by voters in the fall.

A proposal to raise taxes on the wealthiest Californians is one step closer to appearing on the November ballot after the labor union supporting it said Monday it would submit far more than the required number of signatures to qualify.

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The “billionaire tax” initiative seeks to implement a one-time 5% tax on the assets of Californians whose net worth exceeds $1.1 billion. It would also require the state to spend the resulting revenue almost entirely on healthcare.

Members of Service Employees International Union-United Healthcare Workers West, the union that drafted the proposal, said Monday that they’d collected more than 1.5 million signatures for petitions calling for the proposed tax — nearly twice the required number of valid signatures — and that they’d submit them immediately to state officials.