April 27, 2026

California billionaire tax proposal qualifies for November ballot

Proponents, led by SEIU-UHW, have gathered over 1.5 million signatures, nearly double the required amount, to qualify a one-time 5% tax on billionaires for the November ballot.
The tax targets individuals with a net worth over $1.1 billion and aims to address budget shortfalls in healthcare and education.
Governor Gavin Newsom opposes the measure, fearing it may lead to an exodus of wealthy residents and worsen California's budget issues.