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California Considers 5% Wealth Tax on Billionaires Amid Controversy

3/25/2026

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Summary

Story summary

California is considering a one-time 5% wealth tax targeting about 200 billionaires, projected to raise about $100 billion.
Polls show about 50% of Californians support the tax, while Governor Gavin Newsom and several billionaires oppose it, fearing a wealth exodus.
Proponents say the tax addresses rising income inequality and that traditional income taxes fail to capture wealth held in stocks and real estate.

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Story summary

California is considering a one-time 5% wealth tax targeting about 200 billionaires, projected to raise about $100 billion.
Polls show about 50% of Californians support the tax, while Governor Gavin Newsom and several billionaires oppose it, fearing a wealth exodus.
Proponents say the tax addresses rising income inequality and that traditional income taxes fail to capture wealth held in stocks and real estate.