2026 Billionaire Tax Act Proposed in California

If passed, would impose a 5% assets tax on all existing California residents with a net worth of at least $1 billion and a one-time $1 billion tax on state residents with at least $20 billion in assets as of 2026.

Service Employees International Union-United Healthcare Workers West proposed the legislation in late November, saying it could result in up to $100 billion from 200 residents, in an effort to offset federal funding cuts to state healthcare. The legislation requires about 850,000 signatures from California residents, of whom there are about 40 million, to reach a vote on the Nov. 2026 state ballot. Billionaires Larry Page, cofounder of Google, and Peter Thiel, cofounder of PayPal and Palantir, are reportedly considering leaving the state and taking business ventures elsewhere due to the potential tax.