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Omaha Steve

(110,485 posts) Thu Jun 18, 2026, 12:06 PM 1 hr ago

California billionaire tax proposal is slated to qualify for the November ballot

Source: AP

By SOPHIE AUSTIN
Updated 10:50 AM CDT, June 18, 2026

SACRAMENTO, Calif. (AP) — A proposal to temporarily increase taxes on billionaires in California to counter federal cuts to healthcare for low-income people has sufficient public support to qualify for the November ballot, the state’s top elections official said.

Secretary of State Shirley Weber, a Democrat, said Wednesday night that petitioners have collected more than the roughly 875,000 signatures needed to place the proposed tax before voters. It will qualify June 25 unless proponents pull the measure.

The proposal, backed by the Service Employees International Union Healthcare Workers West, would impose a one-time, 5% tax on individuals whose net worth exceeds $1 billion and who were living in the state as of Jan. 1, 2026. The goal is to generate $100 billion in revenue, mainly to fund the state’s Medicaid system with some money going to food assistance and education programs.

States have been debating how to respond to the major tax breaks and spending cuts legislation President Donald Trump signed last year. The proposal has already divided Democrats and major labor unions and triggered an expensive campaign to defeat it. The proposed tax is backed by prominent progressives including Vermont Sen. Bernie Sanders.

Read more: https://apnews.com/article/california-billionaire-tax-ballot-healthcare-beee1e49297b8371d9f0836cdde7a9de

4 replies

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California billionaire tax proposal is slated to qualify for the November ballot (Original Post) Omaha Steve 1 hr ago OP

On the one hand, the tax cuts are permanent for those already winning the economy Soul_of_Wit 1 hr ago #1

Billionaires? henbuck 1 hr ago #2

As a Californian, I'm split on this and I could go either way LogDog75 47 min ago #3

Total wealth includes everything one would own MichMan 6 min ago #4

Soul_of_Wit

(195 posts)

1. On the one hand, the tax cuts are permanent for those already winning the economy

Reply to Omaha Steve (Original post)

Thu Jun 18, 2026, 12:18 PM

1 hr ago

On the other hand, this is a one-time fee for those already winning the economy.

henbuck

(64 posts)

2. Billionaires?

Reply to Omaha Steve (Original post)

Thu Jun 18, 2026, 12:22 PM

1 hr ago

Anybody with over 100 million should pay a 90% rate.

LogDog75

(1,443 posts)

3. As a Californian, I'm split on this and I could go either way

Reply to Omaha Steve (Original post)

Thu Jun 18, 2026, 01:11 PM

47 min ago

On one hand, I can see the need for it since the billionaires have constantly been receiving tax breaks which is part of the reason for them becoming billionaires. Those tax cuts took money away from helping the rest of the people of California.

On the other hand, it's a one-time tax and it will help only for one year. After that, we're back to the same problem of needing more state revenue.

The major problem I see in this proposition is how do you calculate who has a billion dollars. Do you use total gross aggregate value of property, income, investments, deferred compensation, etc.., or do you take into account their net value? Also, would the assets in other states/countries or investments outside California be included in the valuation?

I favor a graduated income tax in that the more you make the more you pay in state taxes. Instead of a one year tax on billionaires we should raise the tax on anyone making more than $1 million dollars a year. The state income tax would remain the same on the first million dollars and would increase by 2% from $1 to $5 million and up to 5% on anything over $5 million dollars. This way, the state would increase their revenue without raising taxes on the middle/lower income groups and the increased revenue would continue for years.

Just my two cents from a non-billionaire.

MichMan

(17,573 posts)

4. Total wealth includes everything one would own

Reply to LogDog75 (Reply #3)

Thu Jun 18, 2026, 01:52 PM

6 min ago

Real estate, investments, businesses, art, jewelry, cars, collectibles, furniture and anything else that is property. Just how does California plan on assessing the values of all those things, without a team of assessors physically looking at all of them?

First off they have to determine the values to know who is even eligible for the tax and after that determine how much people would owe. It seems like they would have to assess all kinds of people to know who had $100 million, $500 million, or over a billion.

Why make it a one time tax that can never be assessed again? So, after this, it can't be imposed ever again, even on new billionaires?

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