Friedberg

ballot process.

So anyone can file for something to go on the ballot.

And it allows them to get around the state Senate and the assembly and basically allow the citizens to vote directly on an issue.

When they make a filing, it costs $2,000, anyone can file for ballot measure.

And then you have to go collect signatures.

And you have to collect roughly 900,000 signatures.

Once you've collected those signatures, it makes it on the next ballot.

The state attorney general looks at it to make sure that it's legally compliant and so on.

They write their summary of it, and then it makes it on the ballot.

People vote for it, and if it votes, it passes.

So in this particular case, the Billionaire Tax Act, as it's titled, which is likely going to get retitled when it's finally filed for people to review,

is a 5% tax on the assets of anyone that's got a net worth over a billion dollars.

It was proposed by a guy named Dave Regan, who runs SEIU, which is one of the unions, in order to make up for the healthcare shortfall

that his members are going to be experiencing.

So this was not a broad coalition that filed this.

This is not filed by the state.

This is not filed by anyone in the assembly or the Senate.

This is one individual, one union that's put it forward and is now trying to collect signatures to get it put on the ballot.

Yeah, and the truth is, it's actually been set up as a negotiating technique, so it's

Primarily, it may be.