A proposal to tax the wealth of billionaires in California has officially gathered enough signatures to appear on the November ballot, state officials announced.
The California Secretary of State’s Office said the initiative surpassed the signature threshold required to qualify for the Nov. 3, 2026, ballot, setting the stage for what could become one of the most expensive and closely watched political battles in state history.
The measure would impose a one-time tax of up to 5% on individuals and trusts with more than $1 billion in assets. Covered assets would include businesses, securities, art, collectibles, and intellectual property, while excluding real estate and certain retirement accounts.