2026 Billionaire Tax Act
Coverage of 2026 Billionaire Tax Act in the Nexus archive.
- 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.
- As ballot deadline nears, will California’s billionaire tax actually go to voters?
California faces a deadline to finalize a ballot measure imposing a 5% wealth tax on billionaires, led by SEIU-United Health Workers West. Opponents, including Governor Gavin Newsom and wealthy residents, argue it risks driving away high-income individuals and have organized countermeasures. The measure aims to fund healthcare, education, and food assistance, but faces political and financial resistance.