Laurel Rosenhall, Union Behind California Billionaire Tax Offers to Reduce the Rate (New York Times, June 18, 2026)

With just days left to negotiate over a ballot proposition that would ask California voters to impose a one-time tax on billionaires, the union behind the measure is trying to strike a deal. It sent Gov. Gavin Newsom a letter on Thursday asking him to support a 2 percent tax on billionaires’ wealth, lower than the 5 percent rate the union had proposed in its initiative, which has enough signatures to get onto the November ballot.

The open letter is the first public indication that the union behind the billionaire tax is willing to bend as it negotiates with Mr. Newsom, who has been steadfast in his opposition to a new tax on his state’s wealthiest residents. Mr. Newsom, a Democrat who is considering a run for president in 2028, has said a state-level wealth tax would drive entrepreneurs out of California and harm its tech-driven economy.

His office indicated Thursday that the union’s offer did not change his position….