Proposed 2026 Billionaire Tax Act
Plain-English Summary
This proposed California ballot initiative would implement a one-time 5% excise tax on the net worth of individuals or certain trusts valued over $1 billion. The tax would apply to worldwide personal assets, excluding directly held real estate and most retirement accounts. Funds raised are intended for healthcare programs, K-14 education, and food programs.
What each outcome does
If the measure passes, a one-time 5% excise tax would be levied on the net worth of individuals and trusts exceeding $1 billion, with the revenue directed towards health care, education, and food programs.
If the measure fails, the proposed one-time 5% excise tax on billionaires' net worth would not be implemented, and the state would need to find alternative funding sources for health care, education, and food programs.
Who is funding each side
BallotPulse is non-partisan. We summarize each outcome in plain English and disclose the money on both sides. We do not tell you how to vote. Always read the official ballot text and decide for yourself.