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Billionaire Tax Hits Ballot, $80 M Opposition Fights $100 B Medicaid Plan

6/28/2026

50 6 Full Breakdown

Summary

Story summary

The California Billionaire Tax Act, a one-time 5 % levy on net worth over $1 billion, qualified for the November 2026 ballot.
Supporters project $100 billion in revenue, with 90 % earmarked for Medicaid, and spent about $7 million to qualify the measure.
Governor Gavin Newsom, candidates Xavier Becerra and Steve Hilton, the California Business Roundtable, and billionaire Sergey Brin have opposed the tax, contributing over $80 million to defeat it.

History

Historical Context

After voters approved Proposition 13 on June 6 1978, property-tax revenue fell about 60 % and the Howard Jarvis Taxpayers Association later estimated a $528 billion tax cut for Californians. The measure’s 1 % levy cap and two-thirds supermajority rule shaped later reforms, prompting Governor Gavin Newsom’s 2026 Billionaire Tax Act, which billionaire Sergey Brin and allies opposed with $80 million.

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Story summary

The California Billionaire Tax Act, a one-time 5 % levy on net worth over $1 billion, qualified for the November 2026 ballot.
Supporters project $100 billion in revenue, with 90 % earmarked for Medicaid, and spent about $7 million to qualify the measure.
Governor Gavin Newsom, candidates Xavier Becerra and Steve Hilton, the California Business Roundtable, and billionaire Sergey Brin have opposed the tax, contributing over $80 million to defeat it.

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