Secretary of State Shirley Weber announced the California Billionaire Tax Act exceeded the number of signatures it needed to qualify for the general election.

The initiative aims to impose a one-time 5% wealth tax on the Golden State's billionaires to generate $100 billion in revenue. The tax would apply to assets like art, stocks and bonds. That money would be used to help backfill reductions in federal funding to K-12 schools, health services provided by Medi-Cal and aid from the Supplemental Nutrition Assistance Program, known as CalFresh in California, according to previous reporting by The Center Square.

Representatives from the advocacy group Billionaire Tax Now and the union backing the tax, Service Employees International Union – United Healthcare Workers West, did not respond to The Center Square before publication time.

However, lawmakers on both sides of the aisle spoke to The Center Square on Thursday about the tax measure advancing to the midterm election ballot in November.

"If you want a budget deficit in perpetuity, pass this," Sen. Tony Strickland, R-Huntington Beach, told The Center Square. "What happens is, these folks are now going to Florida and everywhere else, and not only are they leaving, but they are the ones investing in a lot of these jobs. Those jobs now are fleeing California, and we're going to lose them, dramatically, going forward."

The Golden State's billionaires will take their billions and create jobs in other parts of the country – not in California, Strickland added.

"The minute this passed, we would be in a budget deficit in perpetuity," Strickland said. "If you care about funding education, if you care about funding health care, if you care about funding transportation infrastructure, you'll vote no on this initiative, because we won't be able to fund essential services in California."

California's ongoing budget deficit, which the Legislative Analyst's Office recently projected would amount to $16.9 billion, is largely due to expenditures exceeding revenues under Gov. Gavin Newsom's most recent budget proposal. That was in spite of the fact that Newsom attempted to solve the state's budget deficit through 2028, according to previous reporting by The Center Square.

While some, like Strickland, see the potential passage of the billionaire tax making the state's budget woes worse, there is still support for the measure.

"I agree with the proposal overall," Sen. Sasha Renée Pérez, D-Pasadena, told The Center Square. "I agree overall with the idea that billionaires and corporations need to pay their fair share. We've seen inequality grow in an alarming way, and frankly, I think most Californians are sick of it."