California's Proposed "Billionaire Tax" makes ballot, but backers give Newsom an Ultimatum

It's official, a proposed one-time, 5% tax on the wealth of billionaires in the state of California has qualified for the November ballot, after backers submitted the required 875,000 signatures. That milestone does NOT, however, mean the measure will be put to voters this fall, as the union backing the measure has proposed a compromise with Governor Newsom, who has opposed the measure - they say they will pull the tax measure off the ballot if Newsom pushes lawmakers to institute a one-time 2% tax on those same billionaires. Newsom's office says they are rejecting the proposal, but with days to go until the June 25th ballot deadline, the fate of the billionaire tax proposal is still up in the air. With more on the billionaire back-and-forth, Cher Calvin and Micah Ohlman are joined by "Inside California Politics" host Nikki Laurenzo. Laurenzo also breaks down Newsom's claim that the DOJ is investigating him and the First Partner, Jen Siebel Newsom, and the growing controversy over "behested payments." June 19, 2026. Subscribe: https://www.youtube.com/ktla?sub_confirmation=1