Billionaire Tax Officially Heads to Nov. 3 Ballot
4 hours ago
- #wealth tax
- #ballot initiative
- #California election
- California Secretary of State Shirley N. Weber announced a new initiative eligible for the November 3, 2026, General Election ballot.
- The initiative imposes a one-time tax of up to 5% on taxpayers and trusts with covered assets over $1 billion, excluding real property and some pensions.
- It requires 874,641 valid signatures, with eligibility via random sampling projecting over 962,106 signatures, which it has exceeded.
- Tax revenues are allocated: 90% for health care and 10% for food assistance or education programs, without replacing existing funding.
- Fiscal impact includes tens of billions in temporary revenue from the wealth tax and an ongoing decrease in state income tax revenues.
- The proponent is Suzanne Jimenez, with contact details provided, and certification is scheduled for June 25, 2026, unless withdrawn.