BEAUTIFUL WEATHER DOWN IN THE LOWER ELEVATIONS IN A FEW MINUTES. YEAH. ALL RIGHT. THANKS, HEATHER. WILL COMMITMENT 2026 COVERAGE RIGHT NOW LIVE. LOOK AT THE STATE CAPITOL. AND TONIGHT WE KNOW THAT THE CALIFORNIA SO-CALLED BILLIONAIRES TAX WILL BE OFFICIALLY ON THE BALLOT COME NEXT NOVEMBER. THE SECRETARY OF STATE CONFIRMING THAT TONIGHT THE MEASURE GETTING ENOUGH VALID SIGNATURES TO BE ELIGIBLE FOR THE 2026 GENERAL ELECTION. IF APPROVED, THE TAX WOULD CHARGE CALIFORNIANS WHOSE NET WORTH TOPS $1.1 BILLION, A ONE TIME 5% TAX. THEY’D PAY AT LEAST $50 MILLION, WHICH THE STATE WOULD BE REQUIRED TO SPEND ALMOST ENTIRELY ON HEALTH CARE. THE NONPARTISAN LEGISLATIVE ANALYST’S OFFICE ESTIMATED THE TAX COULD GENERATE TENS OF BILLIONS OF DOLLARS FOR THE STATE OVER SEVERAL YEARS. THE INITIATIVE WAS PUT TOGETHER BY SERVICE EMPLOYEES INTERNATIONAL UNION HEALTHCARE WORKERS WEST. THE MEASURE HAS DRAWN INTENSE OPPOSITION FOR MONTHS NOW, ESPECIAL
California billionaire’s tax measure qualifies for 2026 ballot
Updated: 6:31 AM PDT Jun 18, 2026
A billionaire tax measure has officially qualified for the 2026 General Election in November, according to the California secretary of state. If approved, the tax would impose a one-time 5% charge on taxpayers and trusts with covered assets valued over $1 billion, including businesses, securities, art, collectibles and intellectual property, while excluding real property and certain pensions and retirement accounts, officials said. The measure would allocate 90% of the tax revenues to healthcare and 10% for food assistance or education-related programs. It would prohibit using revenues to replace existing funding for such purposes and exempt them from constitutional requirements for school funding, budget reserves and state spending limits. A summary by the legislative analyst and director of finance said that the initiative would result in a temporary increase in state revenues from a new tax on billionaires. A potential tax could add up to tens of billions of dollars spread over several years. The summary also notes a likely decrease in state income tax revenues of hundreds of millions of dollars or more per year. The billionaire tax is opposed by the California Business Roundtable, Gov. Gavin Newsom, both of California’s governor candidates, Xavier Becerra and Steve Hilton, and Silicon Valley tech leaders. It’s backed by healthcare workers with the SEIU-UHW and Vermont Sen. Bernie Sanders. A Public Policy Institute of California poll in May found that a majority of respondents would support the initiative. KCRA 3 Political Director Ashley Zavala reported that state leaders have about a week to try to negotiate a deal to keep the measure off the ballot. See more coverage of top California stories here | Download our app | Subscribe to our morning newsletter | Find us on YouTube here and subscribe to our channel
A billionaire tax measure has officially qualified for the 2026 General Election in November, according to the California secretary of state.
If approved, the tax would impose a one-time 5% charge on taxpayers and trusts with covered assets valued over $1 billion, including businesses, securities, art, collectibles and intellectual property, while excluding real property and certain pensions and retirement accounts, officials said.
The measure would allocate 90% of the tax revenues to healthcare and 10% for food assistance or education-related programs. It would prohibit using revenues to replace existing funding for such purposes and exempt them from constitutional requirements for school funding, budget reserves and state spending limits.
A summary by the legislative analyst and director of finance said that the initiative would result in a temporary increase in state revenues from a new tax on billionaires. A potential tax could add up to tens of billions of dollars spread over several years.
The summary also notes a likely decrease in state income tax revenues of hundreds of millions of dollars or more per year.
The billionaire tax is opposed by the California Business Roundtable, Gov. Gavin Newsom, both of California’s governor candidates, Xavier Becerra and Steve Hilton, and Silicon Valley tech leaders.
It’s backed by healthcare workers with the SEIU-UHW and Vermont Sen. Bernie Sanders.
A Public Policy Institute of California poll in May found that a majority of respondents would support the initiative.
KCRA 3 Political Director Ashley Zavala reported that state leaders have about a week to try to negotiate a deal to keep the measure off the ballot.
See more coverage of top California stories here | Download our app | Subscribe to our morning newsletter | Find us on YouTube here and subscribe to our channel