Proposal to introduce one-time tax of 5% will go to voters in November after backers decline to withdraw measure

• California’s billionaire tax, explained: what you need to know

California voters will get to decide in November whether billionaires should pay a one-time 5% tax, after a deadline passed on Thursday for its backers to withdraw the measure.

“Enthusiasm for the billionaire tax is unlike anything we have seen before,” Debru Carthan, vice-president of the union sponsoring the measure, said during a Thursday-evening press conference. “The billionaire tax will be on the November ballot and we intend to win.”