Gov. Gavin Newsom vowed to stop California’s billionaire tax. He has just over a week left to keep it off the ballot.

• Gov. Gavin Newsom says he is fighting a proposed California tax on billionaires.

• The deadline for the measure to appear on the ballot expires next week.

• If the measure appears on the ballot, California voters will decide on it in November.

Gov. Gavin Newsom’s fight to stop a proposed tax on California billionaires is coming to an end.

Supposed billionaire tax That legislation, which would impose a one-time 5% tax on California residents with assets exceeding $1 billion, could come to a vote this November if critics can’t stop it before the June 25 deadline.

Newsom has previously vowed to fight the proposed tax, telling The New York Times in January that he believed the tax would stifle innovation. “I will do what I have to do to protect the state,” he said.

The measure was proposed by the healthcare workers union SEIU-UHW, which announced in April that it had sent 1.55 million signatures; that was nearly double the nearly 875,000 signatures. The deadline for initiative measures to qualify for the November ballot is June 25.

As the deadline approaches, many California groups generally aligned with Democrats are openly opposing the initiative and pressuring their supporters to withdraw the measure.

The California Teachers Union, one of the state’s largest teachers unions, voted against the tax, saying it would not provide sustainable funding for schools and communities. Planned Parenthood of California and several other labor groups also opposed it.

The measure has the support of progressive Rep. Ro Khanna, the Teamsters California labor union and the California Democratic Socialists of America.

If the measure passes, voters will decide in November whether to impose a one-time tax on California’s wealthiest residents. Since this is a ballot measure, Newsom will not have the authority to veto it.

Supporters say the tax would primarily fund health care, as well as education and food aid programs. Opponents say it could drive billionaires and future tax revenues out of the Golden State.

Business Insider previously reported that as of January 1, California was over. 200 billionaires Who may be affected by the tax?

Some wealthy residents have already moved out of state, including Google’s co-founder Larry Page. But not all billionaires are dissidents. Nvidia CEO Jensen Huang He said he was “totally fine” with the tax issue.

Newsom’s office and SEIU-UHW did not respond to Business Insider’s requests for comment.

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