Overview
- The proposal remains in the signature-gathering phase and needs nearly 900,000 valid signatures to qualify for the November 2026 ballot.
- At a Bloomberg event, Gov. Gavin Newsom warned the one-time levy could drive ultra-wealthy residents to leave and shrink long-term revenue, noting he cannot veto a voter initiative and has pressed for alternatives.
- Recent reporting highlights relocations or asset shifts by high-profile figures, including Larry Page to Florida, Sergey Brin to Nevada, and David Sacks to Texas.
- Tech donors have organized under Building a Better California with at least $35 million reportedly earmarked to oppose the measure, while SEIU–United Healthcare Workers West leads the campaign and Teamsters California has endorsed it.
- According to the Legislative Analyst’s Office, the tax would apply to residents as of Jan. 1, 2026, be due in 2027 with an option to pay over five years, and faces significant valuation uncertainty and likely legal challenges.