California voters will consider a measure in November to raise taxes on billionaires
Backers say the measure would raise $100 billion over several years for Medicaid and other services, while opponents warn it could drive wealthy residents away.
- On Thursday, proponents of a California billionaire tax measure vowed to move forward with their November ballot initiative despite mounting opposition from political forces and business leaders.
- The Service Employees International Union Healthcare Workers West proposed a one-time 5% tax on individuals with net worth exceeding $1 billion to generate $100 billion for Medicaid after federal healthcare funding cuts.
- Google co-founder Sergey Brin donated $82 million to the Building a Better California committee, part of a coalition that raised more than $118 million from fewer than a dozen donors opposing the tax.
- Two 'poison pill' ballot initiatives also qualified for November, including measures barring new personal property taxes, while Democratic Gov. Gavin Newsom continues opposing the primary billionaire tax proposal.
- Critics warn the measure could increase California's budget volatility, while supporters argue the 2026 midterm election must prioritize flipping Congress to counter President Trump's final two years in office.
91 Articles
91 Articles
Controversial Billionaire Tax Will Appear on California Ballot This Fall
Supporters hold signs advocating for the Billionaire Tax Now coalition during a news conference in Los Angeles, California, on April 27, 2026. —Caroline Brehman—Bloomberg/Getty ImagesA controversial proposal that would impose a one-time 5% tax on the wealth of billionaires in California will be put before voters in November after Gov. Gavin Newsom failed to reach a deal with the union behind the measure by the deadline to withdraw ballot initiat…
Newsom opposes California billionaire tax, calls for federal reform instead
SACRAMENTO, Calif. — Governor Gavin Newsom is urging Californians to reject a proposed billionaire wealth tax headed to the November ballot. In an essay published Friday, Newsom said the ballot measure would dedicate most of its revenue to a single area of spending while leaving out key state priorities such as public schools, housing, childcare, healthcare, public safety, and higher education. He argued that California's budget should continue …
Newsom begs Californians to vote ‘no’ on billionaire’s tax in face of mass exodus, pitches nationwide tax hike
NEWYou can now listen to Fox News articles! California Democratic Gov. Gavin Newsom is facing another blow after a massive wealth tax he warned could cause a wealth and business exodus from the state was officially added to the November ballot. Despite his opposition, the measure’s sponsor, Billionaire Tax Now, announced Thursday that it was officially being added to the state’s ballot. The measure, called the California Billionaire Tax Act, wou…
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