California's proposed billionaire tax qualifies for November ballot

A proposal to implement a wealth tax on California residents worth over $1bn has qualified for the November ballot after petitioners submitted over 875,000 valid signatures. Backed by SEIU-United Healthcare Workers West, the measure suggests a one-time 5% tax. The initiative faces opposition from tech moguls and Governor Gavin Newsom. State officials announced the qualification on Wednesday, with formal qualification set for June 25 unless proponents decide to withdraw the measure from the election.