Story perspectives

California Billionaire Tax Hits 1.5 M Signatures, Faces $90 M Opposition

4/30/2026

Summary

Story summary

SEIU Healthcare Workers West collected 1.5 million signatures, surpassing the 875,000 needed to place the tax measure on California’s November ballot.
The measure would levy a 5 % tax on net-worth over $1 billion on Jan 1 2026 to raise $100 billion for health-care.
Opponents, who created the “Building a Better California” committee and raised over $90 million—including Sergey Brin’s $57 million—say the tax could push wealthy residents out of state, threatening budget that relies on top-1 % taxes.

History

Historical Context

In June 1978 California voters passed Proposition 13, capping property taxes at 1 % of assessed value and limiting annual increases to 2 %, which slashed local property-tax revenue by about 60 % in the first year. The shortfall forced cities to rely on special taxes, and today SEIU Healthcare Workers West proposes a 5 % wealth tax on net-worth above $1 billion, echoing effort to rebalance a shrinking tax base.

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Story summary

SEIU Healthcare Workers West collected 1.5 million signatures, surpassing the 875,000 needed to place the tax measure on California’s November ballot.
The measure would levy a 5 % tax on net-worth over $1 billion on Jan 1 2026 to raise $100 billion for health-care.
Opponents, who created the “Building a Better California” committee and raised over $90 million—including Sergey Brin’s $57 million—say the tax could push wealthy residents out of state, threatening budget that relies on top-1 % taxes.

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