Overview
- SEIU–UHW is gathering signatures for a 2026 ballot initiative to levy a one-time 5% tax on Californians with at least $1 billion in assets, covering stocks, businesses, art, collectibles and intellectual property.
- The measure would apply based on California residency as of Jan. 1, 2026, with proceeds reserved primarily for health programs and a smaller share for education and food assistance.
- Qualification for the ballot remains uncertain, with more than 870,000 valid signatures required and expectations of legal challenges even if voters approve it.
- Gov. Gavin Newsom and business groups are organizing to defeat the proposal, while progressive figures including Bernie Sanders and Rep. Ro Khanna have endorsed it.
- The Legislative Analyst’s Office projects a temporary revenue boost but a likely ongoing decline in income-tax receipts, as some tech leaders weigh relocating and reports indicate Google co-founders Larry Page and Sergey Brin have moved more assets to Florida.