The June 25 deadline determines whether California's billionaires face a one-time 5% wealth tax this November or if Governor Gavin Newsom bargains it off the ballot. The SEIU-United Healthcare Workers West gathered roughly 1.6 million signatures to put the California Billionaire Tax Act before voters. The state Legislature has until today to pass a compromise bill, or the measure heads to the November 3 ballot. The proposal applies only to Californians worth more than $1 billion—about 200 residents—and asks for a one-time payment equal to 5% of their net worth. Anyone who lived in the state on January 1, 2026 would owe it, with five years to pay. Supporters say it would raise around $100 billion, with 90% going to healthcare and 10% to K-14 education and food assistance. Larry Page and Sergey Brin started pulling business entities out of the state; entities tied to Brin moved or terminated 15 California LLCs, shifting some to Nevada, while Page had more than 45 associated LLCs filing to leave or go inactive. David Sacks opened a new office for Craft Ventures in Austin. Peter Thiel went to Buenos Aires. Their combined net worth tops $518 billion. Nvidia's Jensen Huang said he was "perfectly fine" paying it.