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Union Hits 1.6 M Signatures, Qualifies 5% Billionaire Tax

4/28/2026

46 9 Full Breakdown

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Jimenez Secures Signatures

Union leader Suzanne Jimenez reported gathering nearly 1.6 million signatures, almost double the 875,000 required for ballot qualification.
The signatures qualify a one-time 5 % billionaire tax for California’s November 2026 ballot statewide.
SEIU-United Healthcare Workers West drafted the tax, a one-time 5 % levy on assets over $1 billion.
Billionaires Chris Larsen, Ripple and a Sergey Brin-funded Super PAC donated $45 million to oppose the tax.

Right

Newsom warns

Governor Gavin Newsom warned the wealth tax could trigger an exodus of wealthy individuals and businesses from California.
The wealth-tax proposal gathered more than one million signatures, placing it on California’s November 2026 ballot.
Representative Vince Fong called the initiative a “wake-up call,” warning it would worsen budget instability.
California Tax Foundation report estimates the tax could cut revenue by up to $4.5 billion annually.

History

Historical Context

When California voters approved Proposition 13 on June 6 1978, roughly 65 % backed the 1 % property-tax cap and a two-thirds supermajority rule, slashing local revenue by about 60 % the following year. The 2026 billionaire-tax initiative, led by SEIU United Healthcare Workers West and opposed by donor Chris Larsen, echoes that grassroots push and the entrenched resistance highlighted by Governor Gavin Newsom.

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Jimenez Secures Signatures

Union leader Suzanne Jimenez reported gathering nearly 1.6 million signatures, almost double the 875,000 required for ballot qualification.
The signatures qualify a one-time 5 % billionaire tax for California’s November 2026 ballot statewide.
SEIU-United Healthcare Workers West drafted the tax, a one-time 5 % levy on assets over $1 billion.
Billionaires Chris Larsen, Ripple and a Sergey Brin-funded Super PAC donated $45 million to oppose the tax.

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