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California Proposes Wealth Tax on Billionaires for 2026 Ballot

11/15/2025

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Summary

Story summary

California advocacy groups propose a one-time 5% wealth tax on about 200 billionaires, potentially raising up to $100 billion.
The plan would appear on the 2026 ballot in California.
It requires 874,641 valid signatures to qualify for the ballot.
Critics warn it could drive billionaires from California.
Governor Gavin Newsom (D-Calif.) has opposed wealth taxes.

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Story summary

California advocacy groups propose a one-time 5% wealth tax on about 200 billionaires, potentially raising up to $100 billion.
The plan would appear on the 2026 ballot in California.
It requires 874,641 valid signatures to qualify for the ballot.
Critics warn it could drive billionaires from California.
Governor Gavin Newsom (D-Calif.) has opposed wealth taxes.