Controversial billionaire tax proposal appears destined for the November ballot
Key takeaways
- In April, supporters of the billionaire tax submitted nearly 1.6 million signatures, roughly double the number needed to qualify.
- The initiative would imposea one-time tax of up to 5% on taxpayers and trusts with assets valued at more than $1 billion, with some exceptions, such as property.
- Opponents of the measure say the proposal is an ineffective attempt to address the long-term effects of the healthcare cuts and would destroy California’s economy and budget.
Supporters of the billionaire tax hold a campaign kickoff event on Feb. 18 at the Wiltern in Los Angeles. (Bloomberg via Getty Images) By Queenie Wong Staff Writer Follow June 17, 2026 9:46 PM PT 1 5 min Click here to listen to this article Share via Close extra sharing options Email Facebook X Linked In Threads Reddit Whats App Copy Link URL Copied! Print 0:00 0:00 1x This is read by an automated voice. Please report any issues or inconsistencies here.
A controversial proposal to tax California billionaires to fund healthcare has tenatively qualified for the November ballot, setting the stage for a more intense and expensive battle over whether the state should squeeze the ultra-rich.
Supporters say the proposed tax is crucial to compensate for federal healthcare funding cuts, approved by President Trump and the Republican-controlled Congress, that will harm millions of the state’s most vulnerable residents.