The Billionaire Tax in a Nutshell In 2026, Californians may vote on the “California Billionaire Tax Act”, which proposes a 5% one-time tax on individuals with net worths over $1 billion. The proposal has been crafted and supported by SEIU-United Healthcare Workers West, and is framed as a necessary intervention to prevent the collapse of the state’s healthcare infrastructure due to federal funding cuts. But let’s be clear: this is not just about patching budget holes. This is about normalizing the power of the state to expropriate wealth — not income — from private citizens. What Assets Are Targeted? The tax isn't on what you earn — it's on what you own. That includes: Business ownership Stocks and securities Intellectual…
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