California Billionaire Tax

Extracted Attributes

• Location

  California, United States

• Tax Rate

  5%

• Tax Type

  One-time wealth tax

• Ballot Year

  2026

• Official Title

  2026 Billionaire Tax Act

• Payment Period

  Over five years

• Estimated Revenue

  $100 billion

• Target Population

  Individuals with net worth exceeding $1 billion

• Net Worth Assessment Year

  2025

• Signatures Required for Ballot

  Approximately 875,000 (specifically 874,641)

• Revenue Allocation (Healthcare)

  90%

• Revenue Allocation (K-12 Education)

  10%

Timeline

• Proposal for the '2026 Billionaire Tax Act' was filed with the California Attorney General's office by Jim Mangia and Suzanne Jimenez. (Source: web_search_results)

  2025-10

• The proposed tax would levy a 5% tax on the net worth of billionaires established in this year. (Source: web_search_results)

  2025

• The proposed measure is intended to be placed before voters on the statewide ballot. (Source: web_search_results)

  2026

• If approved, revenue generated by the tax could begin to be appropriated. (Source: web_search_results)

  2027

Ty Warner

Harold Ty Warner (born September 3, 1944) is an American billionaire businessman. He is the CEO, sole owner, and co-founder of Ty Inc. which manufactures and distributes stuffed toys, notably Beanie Babies. He also owns Four Seasons Hotel New York, which he bought with profits from the 1990s Beanie Babies fad. As of March 2025, he ranked 519 on the Forbes Billionaires list, with a net worth of US$6.4 billion.

Web Search Results

• California's proposed "Billionaire Tax" could reshape ...

  The proposed measure, titled the 2026 Billionaire Tax Act, would impose a 5 percent levy on the net worth of individuals whose total assets exceed $1 billion as of December 31, 2026. It was submitted by Mangia (who referred to the hike as 'modestly increasing' taxes) and Suzanne Jimenez through the Kaufman Legal Group in Los Angeles. The Attorney General’s office will now prepare a title and summary before the measure’s backers can begin collecting the nearly 875,000 signatures required to [...] A new proposal from Jim Mangia, president and CEO of St. John’s Community Health, has been filed with the California Attorney General this week. It seeks to place a sweeping one-time “Billionaire Tax” on the state’s 2026 ballot—an initiative that, if approved, could significantly alter the financial calculus for the state’s wealthiest residents and their advisors. [...] If passed, California would become the first U.S. state to tax net wealth directly, setting a precedent that could ripple through fiscal policy debates nationwide. Supporters argue that the one-time tax is modest relative to billionaires’ asset growth and necessary to protect state-funded programs from federal cuts. Critics are expected to warn of capital flight, investment retrenchment, and longer-term damage to the state’s entrepreneurial ecosystem.

• A tax on billionaires could be headed to California ballot

  Service Employees International Union-United Healthcare Workers West and St. John’s Community Health in Los Angeles want voters statewide to approve a “billionaires tax” to help prop up the state’s health care and education systems. The proposed ballot initiative would levy a one-time, 5% tax on the approximately 200 billionaires in the state, generating roughly $100 billion in revenue, according to proponents. [...] The proposed initiative would tax the 2025 net worth of billionaires residing in California, allowing them to pay off the obligation over five years. The revenue would go into a special fund with 90% reserved for health care spending and 10% reserved for K-12 education spending. It needs 874,641 signatures to be placed before voters on the 2026 ballot, a number that the groups are confident they can reach. Getting voters to ultimately approve the tax, however, could be a hard sell. [...] Emmanuel Saez, an economics professor at UC Berkeley and supporter of the proposal, said the tax is structured to prevent billionaires from avoiding the bill simply by leaving the state. It would tax their wealth established in 2025, and any billionaires who moved to the state in 2026 would not be subject to the levy. “California billionaires are not going to be able to avoid the tax by moving their assets outside of California,” Saez said.

• If you're reading this and you're a California billionaire ...

  The “2026 Billionaire Tax Act,” which was received by the California attorney general on Thursday, would use the one-time funds to plug holes in the state’s health care system caused by reductions in federal funding enabled by the “One Big Beautiful Bill” legislation passed over the summer. Some 10% of the funds would be used to support public K-12 education. [...] ADVERTISEMENT The San Francisco Standard ## Social Links # If you’re reading this and you’re a California billionaire, hide your wallet A new ballot initiative seeks a combined one-time tax of $100 billion from California’s richest. A man wearing sunglasses and a dark suit stands in shadow before the sunlit white dome and columns of a classical government building. ## Share [...] California’s approximately 200 billionaires could have to cough up a one-time 5% tax if a proposed initiative gets the 870,000 signatures needed to place it on the statewide ballot next fall.

• Should billionaires pay more? California unions want ...

  Service Employees International Union-United Healthcare Workers West and St. John’s Community Health in Los Angeles want voters statewide to approve a “billionaires tax” to help prop up the state’s health care and education systems. The proposed ballot initiative would levy a one-time, 5% tax on the approximately 200 billionaires in the state, generating roughly $100 billion in revenue, according to proponents. [...] The proposed initiative would tax the 2025 net worth of billionaires residing in California, allowing them to pay off the obligation over five years. The revenue would go into a special fund with 90% reserved for health care spending and 10% reserved for K-12 education spending. It needs 874,641 signatures to be placed before voters on the 2026 ballot, a number that the groups are confident they can reach. Getting voters to ultimately approve the tax, however, could be a hard sell. [...] Emmanuel Saez, an economics professor at UC Berkeley and supporter of the proposal, said the tax is structured to prevent billionaires from avoiding the bill simply by leaving the state. It would tax their wealth established in 2025, and any billionaires who moved to the state in 2026 would not be subject to the levy. “California billionaires are not going to be able to avoid the tax by moving their assets outside of California,” Saez said.

• California union proposes taxing billionaires to offset ...

  # California union proposes taxing billionaires to offset Medicaid cuts AP logo ABC7 Bay Area 24/7 live stream SACRAMENTO, Calif. -- A major union announced a proposal Thursday to impose a one-time 5% tax on billionaires in California to address federal funding cuts to health care for low-income people. [...] Proponents, including the Service Employees International Union, hope to place the statewide measure before voters next year. The tax would be on the net worth of California's richest residents. A small portion of the money would also help fund K-12 education since the federal government has threatened to withhold grant money from public schools. [...] Billionaires would have to pay for tax year 2026, and the money could start being appropriated in 2027. The tax would generate $100 billion in revenue for the state, backers say. The initiative says it's "designed to make the State tax system more equitable." The big tax and spending cuts law President Donald Trump signed earlier this year will cut more than $1 trillion over a decade from Medicaid and federal food assistance.