Proponents of California's billionaire tax say they have enough signatures to put measure on ballot

California voters may get to decide on a union-backed measure to extract a one-time 5% tax from residents with at least $1.1 billion in assets. 

The campaign said Sunday that it managed to collect the 1.5 million signatures the proposal needs, and they will submit it to election officials on Monday, The New York Times reported. 

Democrat Gov. Gavin Newsom is aligned with numerous Silicon Valley executives in opposing the measure, arguing it will negatively impact the state's economy, which is already suffering from hundreds of businesses that have fled the state to more business-friendly states.

Supporters, such as Sen. Bernie Sanders, I-Vt., have endorsed it, arguing it will provide revenue to make up for cuts to Medicaid and other federal insurance programs.