Billionaire tax greenlit for California ballot

A one-time 5% tax on California billionaires, known as the 2026 Billionaire Tax Act, has qualified for the November 2026 ballot after exceeding the required signature threshold. The measure would target taxpayers and trusts with assets over $1 billion, allocating 90% of revenue to healthcare and 10% to food assistance and education. Governor Gavin Newsom and State Senator Tony Strickland oppose the tax, citing potential budget impacts and risks of high-earners leaving the state.