Name: Billionaire Tax Headed to California November Ballot
Uploaded: 2026-06-25T09:25:39.000Z
Description: A proposal to tax California billionaires is officially heading to the November ballot.

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A proposal to tax California billionaires is officially heading to the November ballot. The California Billionaire Tax Act gathered enough valid signatures to qualify for the statewide election. If approved, the measure would impose a one-time five percent tax on individuals with a net worth exceeding $1 billion who lived in California as of Jan. 1, 2026. Opponents, including Democratic Party Gov. Gavin Newsom, argue about how the money will be spent.