Some billionaires are contemplating leaving California by the end of the year as lawmakers discuss placing a one-time 5% wealth tax on the November 2026 ballot, The New York Times reported.
Known as the 2026 Billionaire Tax Act, the initiative would levy a one-time 5% tax on all “forms of personal property and wealth, whether tangible or intangible” of billionaires in the state in 2026 to fund state-funded healthcare programs, such as Medi-Cal.
The proposal doesn’t have California Gov. Gavin Newsom’s backing; it was filed last month with the state attorney general’s office by the Service Employees International Union.
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