California billionaire tax will appear on ballot after deadline for deal passes

California voters will get to decide in November whether billionaires should pay a one-time 5% tax, after a deadline passed on Thursday for its backers to withdraw the measure. The so-called billionaire tax is among the highest-profile ballot efforts in the US this year taking aim at rising wealth disparities, and is set to be one of the state’s most contentious ballot initiatives. It has already spurred tech moguls to pour millions of dollars into attempts to stop the proposal. State officials announced last week that the California Billionaire Tax Act had reached enough signatures to qualify for the ballot, but the elections process allowed the coalition backing the tax until 5pm on Thursday to decide whether to move forward with it. Negotiations this week between the unions behind the effort and Governor Gavin Newsom failed to reach a deal by the cutoff, with California’s secretary of state subsequently confirming the tax proposal would go to voters. To get on the November ballot, backers of a measure must first gain a certain threshold of signatures from California residents in support of the initiative. The ballot proposal was put forward by the Service Employees International Union-United Healthcare Workers West (SEIU-UHW), which has argued it would fund the state’s healthcare, education and food assistance programs. Newsom and billionaire-backed groups opposing the tax allege that it would drive business out of California and harm the economy. …