California Gov. Gavin Newsom failed to broker a last-minute deal to keep the state’s controversial billionaire tax off the November ballot, after negotiations collapsed with SEIU-United Healthcare Workers West. The measure would impose a one-time 5% tax on residents whose net worth exceeds $1 billion, which supporters say is needed to offset looming federal health care cuts from President Trump and Republicans’ “Big Beautiful Bill.” Dave Regan, president of SEIU-UHW, said during a virtual news conference Thursday that negotiations involved “a couple of cursory conversations with the governor’s office,” but interest in cutting a deal “was basically nonexistent.” Regan added that Newsom made clear he “would not entertain any proposal or compromise that would tax billionaires.” Newsom, business groups like the Chamber of Commerce, and a labor coalition including the State Building and Construction Trades Council have warned the tax could accelerate the flight of companies and investors. Rep. Ro Khanna called that argument “hogwash.” Newsom’s office declined comment Thursday evening, but a spokesperson said he will have more to say soon.