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California Considers Billionaire Wealth Tax for 2026 Ballot

3/17/2026

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Summary

Story summary

California voters may see Initiative No.25-0024 on the November 2026 ballot, a billionaire wealth tax.
It would impose a 5% one-time tax on net worth above $1 billion.
It requires about 875,000 valid signatures by June 24, 2026, to qualify.
If passed, it could generate revenue for health and education.
The measure faces political and legal challenges, including questions about constitutionality, and could inspire similar legislation in other states.

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Story summary

California voters may see Initiative No.25-0024 on the November 2026 ballot, a billionaire wealth tax.
It would impose a 5% one-time tax on net worth above $1 billion.
It requires about 875,000 valid signatures by June 24, 2026, to qualify.
If passed, it could generate revenue for health and education.
The measure faces political and legal challenges, including questions about constitutionality, and could inspire similar legislation in other states.