California Billionaire Tax Ballot Odds Drop from 88% to 35.5%

The likelihood of a proposed billionaire tax appearing on California's ballot has decreased significantly from 88% to 35.5% within a week, according to prediction markets on Kalshi. Governor Gavin Newsom is reportedly attempting to prevent the tax from making it to the ballot before the June 25 deadline. The proposal involves a one-time 5% tax on approximately 200 billionaires in California, collectively worth $2 trillion. The Service Employees International Union has gathered over 1.5 million signatures in support, exceeding the 875,000 required. This development could impact future healthcare funding and Newsom's political ambitions.