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California Wealth Tax Ballot Qualifies, Promises $100B Health Funding

4/28/2026

Summary

Story summary

The 5 % tax on Californians with $1.1 billion-plus assets qualified for the November ballot after organizers turned in nearly 1.6 million signatures—double the 875,000 required—by the June 24 deadline.
Proponents say the tax could raise about $100 billion, most earmarked for public health services.
Governor Gavin Newsom warns the tax may drive wealthy residents away and hurt the economy.
Legislative Analyst’s Office warns the state could lose hundreds of millions annually if billionaires relocate.

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Story summary

The 5 % tax on Californians with $1.1 billion-plus assets qualified for the November ballot after organizers turned in nearly 1.6 million signatures—double the 875,000 required—by the June 24 deadline.
Proponents say the tax could raise about $100 billion, most earmarked for public health services.
Governor Gavin Newsom warns the tax may drive wealthy residents away and hurt the economy.
Legislative Analyst’s Office warns the state could lose hundreds of millions annually if billionaires relocate.