Story perspectives

California Ballot Puts 5% Wealth Tax on Billionaires

7/18/2026

Summary

Story summary

California will put a one-time 5 % wealth tax on individuals and trusts over $1 billion on the November ballot.
Governor Gavin Newsom opposes the tax, saying it will drive businesses and wealthy residents to lower-tax states.
Tom Steyer and Jensen Huang say they are comfortable with the tax.
Legislative Analyst’s Office estimates the tax could raise billions but notes departing billionaires may cut state income-tax revenue by hundreds of millions annually.

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Story summary

California will put a one-time 5 % wealth tax on individuals and trusts over $1 billion on the November ballot.
Governor Gavin Newsom opposes the tax, saying it will drive businesses and wealthy residents to lower-tax states.
Tom Steyer and Jensen Huang say they are comfortable with the tax.
Legislative Analyst’s Office estimates the tax could raise billions but notes departing billionaires may cut state income-tax revenue by hundreds of millions annually.