Story perspectives

California Certifies 5% Billionaire Tax, Funding Health Care

6/26/2026

Summary

Story summary

Shirley Weber certified 5 % billionaire tax for the November 2026 ballot.
The tax targets assets over $1 billion, exempting assets, and directs 90 % of revenue to health care and 10 % to food assistance or education.
The Service Employees International Union-United Healthcare Workers West spent $7.3 million and rejected a 2 % compromise.
Opponents including Gavin Newsom, California Business Roundtable and Sergey Brin have raised over $100 million and see a poll showing 54 % voter support.

History

Historical Context

France introduced the solidarity wealth tax (ISF) in 1989, raising €5.07 billion in 2017 before Emmanuel Macron abolished it that September, citing capital flight. Inspired by that experience, California’s SEIU-UHW-backed 2026 Billionaire Tax Act, filed in October 2025, would levy a 5 % tax on assets over $1 billion, aiming to generate tens of billions for health care.

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Story summary

Shirley Weber certified 5 % billionaire tax for the November 2026 ballot.
The tax targets assets over $1 billion, exempting assets, and directs 90 % of revenue to health care and 10 % to food assistance or education.
The Service Employees International Union-United Healthcare Workers West spent $7.3 million and rejected a 2 % compromise.
Opponents including Gavin Newsom, California Business Roundtable and Sergey Brin have raised over $100 million and see a poll showing 54 % voter support.

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