Billionaire Tax Proposal in California Gains Momentum for Upcoming Ballot
SACRAMENTO — A proposal to temporarily tax California billionaires has gathered enough signatures to qualify for the November ballot, the labor union behind the measure announced Monday.
The initiative, backed by SEIU Healthcare Workers West, would impose a one‑time 5% tax on individuals with net worth exceeding 1billionwhowerestateresidentsasofJan.1,2026.Thegoalistoraise100 billion to offset federal cuts to healthcare for low‑income residents.
Supporters say they collected over 1.5 million signatures, well above the roughly 875,000 required. The California Secretary of State must still verify and certify the measure.
Opponents, including Democratic Governor Gavin Newsom and Silicon Valley tech moguls, warn the tax will drive wealthy residents out of state. “Nearly half of California’s personal income tax revenue comes from the top 1% of earners,” critics note. Some billionaires have already purchased properties elsewhere.
If certified, the measure would spark one of the costliest ballot fights in state history, testing voter appetite for taxing the rich. President Donald Trump’s recent spending cuts are set to reduce federal healthcare funding by more than $1 trillion over a decade.
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