CA Billionaire Tax Eyes Ballot Path to 2026 Vote

Backers say the California Billionaire Tax Act would impose a one-time 5% wealth tax on residents with net worth over $1 billion (assets include equity, securities and collectibles) payable in five installments starting in 2027, with a 7.5% fee on the unpaid balance, to fund hospitals, healthcare jobs, K-14 education and food assistance. California election officials say there are enough signatures to place the measure on the November ballot, but it faces strong opposition from Gov. Gavin Newsom and others and may still be blocked. The measure would affect an estimated 255 taxpayers, though some ultra‑wealthy residents have relocated; critics warn of wealth flight and economic harm, while supporters argue it would address wealth inequities and sustain essential public services. Federal wealth tax proposals exist but have not advanced.