Backers of the ‘Billionaire Tax Act’ claim 1.6 million signatures have been submitted, which is well above the required number of 874,641 needed to qualify to appear on the ballot. If passed, the proposal would introduce a one-time 5% tax on the net worth of roughly 200 billionaires in California, with the aim of boosting funding for healthcare programs supporting middle- and low-income residents. #BillionaireTax #USPolitics #TaxReform