“California’s proposed billionaire tax has officially cleared the signature hurdle to qualify for the November ballot, setting up a high-stakes showdown between the healthcare workers’ union pushing the levy and top political, business and labor leaders fighting it,” the Wall Street Journal reports.“Proponents of the novel wealth tax gathered an estimated 980,438 valid signatures from registered voters, California’s secretary of state said late Wednesday, clearing the 875,000 threshold they had needed to qualify.”“If voters approve it, the proposal would levy a 5% tax on California billionaires’ net worth.”