California Democrats defy Gavin Newsom and Xavier Becerra as they vote to back billionaires tax

California Democrats have voted to support the California 2026 Billionaire Tax Act, defying the positions of Gavin Newsom and Xavier Becerra. This measure will officially appear on the statewide general election ballot on November 3, 2026. This endorsement is expected to reshape fiscal policy debates and influence future tax reform discussions, while simultaneously highlighting existing tensions within the party regarding the implementation of new taxes targeting the state's wealthiest individuals.