California Governor Gavin Newsom speaks at the Munich Security Conference Germany on February 13, 2026.
Lisa Johansen | Reuters
The chances of the proposed billionaire tax appearing on California’s ballot have fallen from 88% to 35.5% over the past week, according to prediction market platform Calsi.
The plunge followed reports from Politico and Bloomberg News that Gov. Gavin Newsom is seeking to block the tax proposal from appearing on the November ballot by a June 25 deadline.
The proposal, supported by the Service Employees International Union (United Health Care Workers West), calls for a one-time 5% tax on billionaires’ net worth.
The union argues that taxing millionaires will support the state’s health care system after major federal funding cuts.
“The only people who pay taxes are Californians with assets of $1 billion or more, or about 200 people with assets totaling $2 trillion,” the association’s website states.
The union announced it has submitted more than 1.5 million signatures from California voters to have the Billionaire Tax Act on the ballot. Only 875,000 signatures are needed.
Newsom’s reported opposition to billionaire tax measures comes as he seriously considers running for president. On Monday, the governor accused President Donald Trump of ordering the Justice Department to investigate him and his wife.
In a post on X, Newsom said Trump’s motive for targeting him was because he was “considering running for president.”
Disclosure: CNBC and Kalsi have a commercial relationship that includes customer acquisition and minority ownership.
