With days left to negotiate, the union behind a California ballot proposition to impose a one-time tax on billionaires has offered to reduce the rate. In a letter sent to Gov. Gavin Newsom on Thursday, June 18, 2026, the union proposed lowering the tax rate as part of a deal to secure his support or neutrality on the measure.
The proposal, which would ask voters to approve a tax on wealth exceeding $1 billion, aims to generate revenue for state programs. The union's offer to reduce the rate is seen as a concession to address concerns from Newsom and other opponents who argue the tax could drive wealthy individuals out of California.
Newsom's office has not yet publicly responded to the letter. The ballot measure, if approved, would be the first of its kind in the United States, targeting the state's billionaires for a one-time levy. Negotiations are expected to continue as the deadline for ballot qualification approaches.
