Paul Jones, “California Billionaire Tax Qualifies for November Ballot” (Tax Notes, June 22, 2026):
The California ballot initiative proposing a one-time billionaire wealth tax has qualified for the November ballot.
But the success for proponents comes as some labor groups and traditionally progressive groups have now joined business interests and antitax groups in opposition to the measure. Gov. Gavin Newsom (D) also opposes the measure, arguing it could drive away wealth.
The initiative, called the 2026 Billionaire Tax Act, secured the 874,641 valid signatures necessary to qualify for the ballot, Secretary of State Shirley Weber (D) announced on June 17.
It seeks to levy a one-time, 5 percent tax on the roughly 200 California residents with over $1 billion in worldwide net worth. The tax would have various exemptions and would phase out as a person’s wealth drops from $1.1 billion to $1 billion. It’s projected to generate $100 billion over five years, as affected taxpayers would have the option to pay it over that period instead of all at once.
Backers, including the Service Employees International Union–United Healthcare Workers West, say their goal is to shore up state funding for California’s Medicaid program, Medi-Cal, which they say is slated to lose roughly the same amount in federal funding because of cuts contained in the One Big Beautiful Bill Act (P.L. 119-21). Some of the tax’s revenue — 10 percent — would fund food assistance and education.
