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

The proposed billionaire tax is set to appear on the California ballot in November. Caroline Brehman/Bloomberg/Getty Images California'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. The measure is expected to draw a pricey campaign fight and, if passed, legal challenges. The California wealth tax is one step closer to becoming reality. The proposed tax measure, which would r...