California billionaire wealth tax qualifies for 2026 ballot

A proposed one-time tax on California's wealthiest residents has officially qualified for the November 2026 ballot, setting the stage for a costly and contentious campaign. The measure, which would impose a 5 percent levy on the personal wealth of the state's estimated 200 billionaires, was certified by the California Secretary of State after its backers submitted sufficient signatures.

The initiative is backed by the Service Employees International Union-United Healthcare Workers West (SEIU-UHW), which represents health care workers. Proponents argue the tax is necessary to raise tens of billions of dollars to fund health care, public education, and food assistance, framing it as a vital corrective to federal spending cuts they say threaten hospitals and jobs.

The qualification intensifies a political fight that has divided California's Democratic coalition. Governor Gavin Newsom has emerged as a leading opponent, marshaling a broad coalition against the measure that includes other labor unions, health care organizations, and business groups. Opponents, including many of the state's wealthiest residents and Silicon Valley figures, warn the tax could undermine California's...