California billionaire tax proposal has enough support to get on the November ballot, official says
Supporters say the one-time tax would raise $100 billion, with 90% reserved for healthcare as California braces for federal Medicaid cuts.
- On Wednesday, California Secretary of State Shirley Weber confirmed the billionaire tax initiative qualified for the November ballot after organizers submitted sufficient valid signatures.
- The Service Employees International Union-United Healthcare Workers West is backing the measure, arguing it will generate $100 billion to offset federal Medicaid cuts from the 'One Big Beautiful Bill Act'.
- Tech executives including Google co-founder Sergey Brin have contributed more than $82 million to opposition efforts, arguing the tax would drive wealthy residents and businesses out of California.
- California Gov. Gavin Newsom is reportedly negotiating a last-minute deal to pull the initiative before the June 25 ballot finalization deadline.
- Early polling reveals a divided electorate, with supporters emphasizing the need for healthcare funding while critics warn of the economic risks associated with potential wealth flight.
108 Articles
108 Articles
Newsom rejects scaled-back billionaires tax as ballot fight looms
California Gov. Gavin Newsom’s office said Friday that it remains opposed to a proposed tax on California billionaires, even after the labor union backing the measure revised its plan following its qualification for the November ballot. The new initiative, from Service Employees International Union–United Healthcare Workers West, would impose a one-time 2% tax on individuals with net worth above $1 billion. It has drawn strong opposition from a …
California Wealth Tax Proposal Heads to 2026 Ballot, Explaining Silicon Valley Billionaires' Exodus
The California wealth tax proposal was introduced in November 2025 by a healthcare workers' union and supported by lawmakers including representative Ro Khanna and senator Bernie Sanders. The proposal, which would impose a one-time 5% tax on California billionaires as of the beginning of 2026, has officially received a sufficient number of signatures for the proposal to be put on the statewide ballot this fall. Billionaires would be taxed on sto…
California Billionaire Tax Proposal To Appear On November Ballot, Official Says
A proposal to temporarily increase taxes on billionaires in California to counter federal cuts to healthcare for low-income people has sufficient public support to qualify for the November ballot.
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