Story perspectives

California Wealth Tax Qualifies Ballot After 1.5 M Signatures

4/29/2026

Summary

Story summary

The initiative collected 1.5 million signatures—exceeding the 875,000 needed for the November 2026 ballot—and was filed with California Secretary of State.
The proposal would levy a 5 % tax on net worth over $1 billion, raising $100 billion for health-care, education and food assistance.
Governor Gavin Newsom and Sergey Brin warn the tax could drive wealthy residents away.
Opponents spent over $90 million through advocacy groups while supporters including Rep. Ro Khanna and Senator Bernie Sanders back the measure.

History

Historical Context

In 1999 the French Parliament approved the civil solidarity pact (PACS), which also introduced the Impôt de solidarité sur la fortune, a wealth tax on couples’ assets above €1.3 million. France expanded the tax in 2012, projecting €5.5 billion annually, and California’s 2026 ballot now mirrors this model with a 5 % levy on net worth over $1 billion.

1 of 2

Story summary

The initiative collected 1.5 million signatures—exceeding the 875,000 needed for the November 2026 ballot—and was filed with California Secretary of State.
The proposal would levy a 5 % tax on net worth over $1 billion, raising $100 billion for health-care, education and food assistance.
Governor Gavin Newsom and Sergey Brin warn the tax could drive wealthy residents away.
Opponents spent over $90 million through advocacy groups while supporters including Rep. Ro Khanna and Senator Bernie Sanders back the measure.

1 / 2