Ballot initiative, opposed by the ultra-wealthy, would levy one-time 5% tax on individuals worth more than $1bnCalifornia’s governor, Gavin Newsom, renewed his pledge this week to fight a controversial plan to tax billionaires in the state. The proposed ballot measure, which could go to voters in November, has gained public attention recently amid heavy criticism and threats from tech moguls to leave the state.In interviews with Politico and the New York Times published on Monday, Newsom described his office’s efforts to kill the proposed billionaire tax and told the Times he would “do what I have to do to protect the state”. As a direct-to-voters ballot initiative, Newsom would not have the power to veto the tax if the proposal passed. Continue reading... ...read more read less