I should probably explain the mechanics of this.
Several years ago, the legislature passed a law setting a process whereby initiatives or referenda can be negotiated off the ballot.
Separately, the legislature can place a substitute on the ballot, like they did with Prop 50.
David Dayen
The coalition that qualified a 5%, one-time tax on billionaire wealth for the November ballot in California has written Gov. Gavin Newsom, who opposes the measure, saying it would be willing to modify the proposal down to a 2% wealth tax if he'd back it.
billionairetaxnow.org/wp-content/u...
