California Billionaire Tax: Why Some Billionaires Are Planning Exits

California Billionaires Tax Raises Hard Questions of Fairness, Constitutionality

Commentary California voters will wake up on Nov. 3, 2026, to vote on the nation’s first statewide tax on net worth. Proponents of the so-called Billionaires Tax Initiative estimate that this “one-time” levy would raise roughly $100 billion from approximately 200 California residents as of Jan. 1, 2026. Based on public estimates of net worth, just four individuals would be responsible for nearly $40 billion of that total. The mechanics of the ta…

Gov. Newsom continues to shut down proposed billionaire tax

Newsom and other opponents of the measure have noted California already has a progressive tax system that relies heavily on the state's wealthiest residents.

The Fight Over How to Pay for Medi-Cal Puts Pressure on Newsom to Raise Taxes

Newsom has already vowed to tank a proposed ballot initiative that would impose a 5% wealth tax on the state’s billionaires to bolster Medi-Cal. Progressive lawmakers and their allies in labor and health seem hopeful that Newsom could support a different long-shot funding idea.

Explaining California's billionaire tax: The proposals, the backlash and the exodus

The battle over a new tax on California's billionaires is set to heat up in the coming months as citizens spar over whether the state should squeeze its ultra-rich to better serve its ordinary residents.

California Billionaire Tax: Why Some Billionaires Are Planning Exits

The proposed California billionaire tax promises $100B—but critics warn legal flaws, design risks, and billionaire exits could undermine the plan before voters decide.

How tech billionaires spurred an exodus from California

In late December, White House official and tech investor David Sacks made a cryptic poston X: “Message received,” he wrote, above a photo of anti-billionaire demonstrators gathered in front of his San Francisco mansion. The post made public what Sacks and other billionaires had been planning privately: They were plotting to leave California in protest of a proposed wealth tax that would impact the state’s richest residents. Anger at the proposal…