The union championing the initiative argues it's necessary to offset the deep cuts imposed by President Donald Trump's signature tax bill, warning California will suffer massive job losses and hospital closures without an infusion of extra cash. Progressives have for years pushed a wealth tax as a way to iron out soaring economic inequality.

California Atty. Gen. Rob Bonta announced he will not be running for governor. Bonta last year said he decided not to run for the post, then reconsidered it after former Vice President Kamala Harris and Sen.