On 26 December 2025, the California Secretary of State announced that a proposed ballot measure that would impose a 5% tax on billionaires in the state was cleared for circulation, which immediately led to backlash from wealthy California residents who threatened to leave the state (California Secretary of State - 26 December 2025, Yahoo [Fortune]). The question will be suspended on 24 June 2026 if still open and the outcome determined by reports and announcements from the California Secretary of State (California Secretary of State, California Attorney General - Title and Summary).

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