Billionaire one-time wealth tax on California ballot?

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    "context_description": "**Trader consensus prices a 72.5% implied probability for the 2026 Billionaire Tax Act—a one-time 5% wealth tax on California residents' net worth exceeding $1 billion—appearing on the November statewide ballot, driven by steady signature-gathering momentum from sponsors SEIU-UHW and the Save California Health Care and Public Education campaign.** The initiative, cleared for circulation in December 2025, reported collecting 25% of the required 874,641 valid signatures (about 218,660) by late February 2026, with submission deadlines including April 17 for random sampling verification ahead of the June 25 certification cutoff. Endorsements from figures like Sen. Bernie Sanders and Rep. Ro Khanna bolster labor-led efforts, while March polls show 50-55% voter support for the measure funding Medi-Cal expansions and education. Opposition from billionaires, who have raised over $35 million for counter-initiatives, has spurred reports of wealth exodus but has not halted progress, per the latest updates. Historical union success in California ballot qualification underpins trader optimism.",
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