Overview
- The initiative, filed by SEIU-UHW allies, would levy a 5% tax on net worth above $1 billion and cover assets from equities and real estate to art and intellectual property.
- Backers estimate roughly $100 billion in revenue, with 90% directed to health programs and 10% to K–12 education, and payments spread over five years.
- Organizers must collect about 875,000 valid signatures to qualify the measure for the November 2026 statewide ballot.
- Reporting notes it would target the 2025 net worth of more than 200 California billionaires, with advocates saying total wealth would be counted regardless of where assets are held.
- Critics warn of potential billionaire relocations and highlight valuation, liquidity, and enforcement challenges, and Gov. Gavin Newsom has not endorsed the proposal.