Overview
- SEIU–UHW says it will begin gathering signatures in January to reach roughly 874,641 needed to place the proposal on the 2026 ballot.
- The measure would impose a one-time 5% tax on Californians with net worth above $1 billion, apply retroactively to residents as of Jan. 1, 2026, and be collected in 2027 with options to spread payments.
- Title and summary direct about 90% of proceeds to health care and the remainder to food assistance or education, with most asset types counted and some real property and certain retirement accounts excluded.
- Tech leaders escalate opposition, with reports that Larry Page set up Florida entities, Peter Thiel explored out-of-state operations, and founders warn the plan reaches unrealized and illiquid holdings.
- Attorney Alex Spiro told Gov. Gavin Newsom his clients would permanently relocate and mount a constitutional challenge, as Newsom opposes the tax and state analysts warn departures could cut recurring revenue.