California labor union offers to scale back billionaire tax proposal after pushback

A labor union in California proposed a tax on billionaires to raise $100 billion for healthcare and other programs. Initially, the plan was to impose a 5% tax on those with a net worth over $1 billion, but after facing opposition, including from Governor Gavin Newsom, the union offered to reduce it to 2%. Despite this, Newsom remains opposed, citing potential harm to public services. The proposal, which has qualified for the November ballot, has sparked debate among Democrats and labor unions, with significant opposition from tech moguls and organizations like the California Medical Association. The tax aims to address federal cuts to healthcare, but critics argue it could negatively impact education and public safety funding. QUESTION: How might the proposed tax on billionaires impact the future of public services and programs in California?