California Democrats voted over the weekend to endorse a ballot measure that would impose a one-time wealth tax on the state’s billionaires, giving a boost to the proposal just three months before voters decide its fate.

The measure would levy a one-time 5% tax on the wealth of California residents who were billionaires as of Jan. 1, 2026. The state is home to more than 200 billionaires, many of them concentrated in Silicon Valley and Hollywood, who would be subject to the tax if the initiative passes.

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