The California billionaire tax is headed to the ballot. The ultrawealthy are bracing for what comes next.

Source: Business Insider

The proposed billionaire tax is set to appear on the California ballot in November. Caroline Brehman/Bloomberg/Getty ImagesCalifornia's proposed billionaire tax is headed to the ballot in November. Billionaires are bracing for the possible 5% tax, and could leave the state even if it doesn't pass.