The Damage Report
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Billionaires PANIC After Tax Plan Escalates Despite Financial Ultimatum
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May 3, 2026
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8:05Now PlayingBillionaires in California get hit with news they've been dreading as the billionaire tax proposal to help fund healthcare in California reaches far beyond the signatures needed to qualify to be on the ballot despite the billionaires ultimatum of moving out and taking their money with them. Yasmin Kahn and Jayar Jackson break it down on The Damage Report. Leave a comment with your thoughts below!
Read more here:
California billionaire tax proposal attracts 1.5 million signatures. Here’s what happens next
"Supporters of a proposed one-time 5% tax on California billionaires began submitting nearly 1.6 million signatures, nearly double the requirement to qualify for the November ballot.
The measure would tax billionaires with assets exceeding $1 billion. Supporters project it would raise $100 billion to offset federal healthcare funding cuts and support education and food assistance programs.
Tech billionaires and business groups are spending millions to oppose the tax, citing economic concerns and threatening relocation, while a competing ballot measure could nullify the proposal if voters approve it."
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