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Home› Business› Billionaire tax: how a union leader’s ‘crazy’ idea became the defining issue of California’s midterms

Billionaire tax: how a union leader’s ‘crazy’ idea became the defining issue of California’s midterms

BusinessBy Dara KerrOct 30, 2026, 3:00 PM
Billionaire tax: how a union leader’s ‘crazy’ idea became the defining issue of California’s midterms
NEWS DESKBusiness
PUBLISHEDOct 30, 2026, 3:00 PM
NEWS BRIEF

What the source reports

It was an ambitious notion – now Californians will vote on a one-time 5% billionaire tax, and state’s super rich have pulled out all the stops in opposition One year ago, the idea of a billionaire tax in California was still in its infancy.

It wasn’t yet one of the most contentious ballot measure fights in state history – pitting Democrats against Democrats, drawing national attention from political heavyweights,…

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Main source: The Guardian Business

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