California Billionaire Tax Act

Extracted Attributes

• Tax Rate

  5% one-time excise tax

• Legal Basis

  California Ballot Initiative (Proposed)

• Official Title

  2026 Billionaire Tax Act

• Primary Sponsor

  Service Employees International Union-United Healthcare Workers West (SEIU-UHW)

• Wealth Threshold

  Net worth exceeding $1 billion

• Target Population

  Approximately 180 to 200 billionaires

• Annual Revenue Cap

  $25 billion per year

• Estimated Gross Revenue

  $100 billion (total potential)

Timeline

• The 2026 Billionaire Tax Act (Initiative 25-0024) is filed with the California Attorney General for title and summary. (Source: Web Search Results)

  2025-10-22

• An amendment to the 2026 Billionaire Tax Act initiative is filed. (Source: Web Search Results)

  2025-11-26

• The date as of which the tax would retroactively apply to billionaires living in California if the measure passes. (Source: Web Search Results)

  2026-01-01

• The general election date when the initiative is targeted to appear on the California ballot. (Source: Web Search Results)

  2026-11-03

Tom Steyer

Thomas Fahr Steyer (; born June 27, 1957) is an American billionaire, entrepreneur and environmentalist. Steyer is the founder and former co-senior-managing-partner of Farallon Capital, and the co-founder of OneCalifornia Bank, which became (through merger) Beneficial State Bank. Steyer served on the board of trustees at Stanford University from 2007 to 2017. He was formerly a partner and member of the executive committee at Hellman & Friedman. Switching his focus to politics and environmental advocacy, Steyer retired from Farallon Capital in 2012 and launched NextGen America, a nonprofit organization that supports progressive positions on climate change, immigration, health care, and education. In California state politics, Steyer co-chaired or sponsored a series of ballot campaigns: 2010's No on Prop. 23 campaign that preserved the AB32 climate change law, 2012's Proposition 39, which closed a tax loophole to fund clean-energy infrastructure, and Proposition 56 in 2016, a tobacco-tax increase to fund healthcare and smoking cessation programs. Steyer sought the Democratic nomination for president in 2020, but dropped out of the race after the first four state contests, having spent more than $191 million on campaign advertising but failing to obtain any pledged delegates. In 2025, Steyer backed Proposition 50, a measure that shifted congressional-district redistricting power to the legislature until 2030. In November 2025, Steyer announced his candidacy in the 2026 California gubernatorial election.

Web Search Results

• California's billionaire tax, explained - SF Standard

  The Billionaire Tax Act is a ballot initiative aimed for the November election that would create a one-time 5% tax on California residents with a net worth of more than $1 billion — that’s about 200 people. They could choose to pay the bill all at once or spread the payments over five years. (Installment payments would accrue interest.) [...] Sure, if they have a moving van in the driveway today. If the billionaire tax passes in November, the bill will retroactively apply to any billionaires living in California as of Jan. 1, 2026. [...] The proposal is sponsored by the Service Employees International Union-United Healthcare Workers West, a powerful union with more than 120,000 members. It also has support from Ro Khanna, Silicon Valley’s representative in Congress. “A billionaire tax is good for American innovation which depends on a strong and thriving American democracy,” Khanna wrote on X. (opens in new tab)

• California 2026 Billionaire Tax Act | Thought Leadership - Baker Botts

  On October 22, 2025, a ballot initiative titled the “2026 Billionaire Tax Act” was filed with the California Attorney General. An amendment to the initiative was filed on November 26, 2025. The initiative must now gather enough signatures to be placed on the November 2026 ballot. If the initiative is approved by a majority of California voters, it would amend the California constitution and generally impose a one-time 5% tax on the “net worth” of individuals with a net worth of $1 billion or [...] 0.04% Tax Cap. Those who oppose the 2026 Billionaire Tax Act could argue that the wealth tax violates the 0.04% tax cap under the California Constitution. Article XIII, Section 2 of the California Constitution prohibits a property tax that exceeds 0.04% of the property’s value on “any interest in notes, debentures, shares of capital stock, bonds, solvent credits, deeds of trust, or mortgages.” Although the 2026 Billionaire Tax Act is labeled as an “excise tax,” a court could classify it as a [...] Uniformity. Taxpayers could argue that the 2026 Billionaire Tax Act violates the California Constitution’s Uniformity Clause. Under Article XIII, Section 1 of the California Constitution, all property taxes must “be assessed at the same percentage of fair market value,” or, if another value standard is used, “the same percentage shall be applied to determine the assessed value.” The initiative provides that certain liabilities may be taken into account in computing net worth. The argument

• California's 2026 Billionaire Tax Act: A High-Stakes Experiment in ...

  California is preparing to put one of the most ambitious (and controversial) wealth taxation proposals in U.S. history before voters. The 2026 Billionaire Tax Act, currently under review by the state Attorney General, would impose a one-time 5% tax on residents whose global net worth exceeds $1 billion. The measure is designed to address what supporters describe as a looming healthcare funding crisis, with projections that the state could lose as much as $30 billion per year in federal Medicaid [...] Logo that reads AbitOs Accountants + Advisors Logo that reads AbitOs Accountants + Advisors 11.17.25 # California’s 2026 Billionaire Tax Act: A High-Stakes Experiment in Wealth Taxation California’s 2026 Billionaire Tax Act: A High-Stakes Experiment in Wealth Taxation Share: California’s 2026 Billionaire Tax Act: A High-Stakes Experiment in Wealth Taxation [...] Proponents estimate there are 180 to 200 billionaires in California, with a combined net worth of roughly $2 trillion. That pool of wealth implies potential gross revenue near $100 billion if the tax were fully collected. However, the proposal includes an annual revenue cap of about $25 billion, limiting the amount the state could receive in any given year. A Broad and Unusual Tax Base

• Crypto and Tech Billionaires Warn of California Exodus Over ...

  High profile names across the crypto and tech sector are sounding alarms over California’s proposed 2026 Billionaire Tax Act, a ballot initiative that would impose a one-time 5 percent tax on net wealth above $1 billion, including unrealized gains on paper assets, to help fund state services. Opponents argue the measure could trigger an exodus of high-net-worth residents, disrupt local investment and innovation, and force equity sales to cover tax liabilities. Prediction Market powered by [...] The ballot measure, backed by Service Employees International Union-United Healthcare Workers West, seeks to levy a one-time 5 percent tax on the net worth of Californians with assets exceeding $1 billion, with proceeds directed primarily toward healthcare and public services. Because the tax would apply in part to unrealized gains, increases in asset value that have not been sold, critics contend it could compel wealthy individuals to sell stock or portions of their businesses merely to cover

• Billion-Dollar Question: California Initiative Targets the Ultra-Wealthy ...

  Proponents have filed a California ballot initiative proposing a one-time wealth tax on individuals with more than $1 billion in net worth. The “2026 Billionaire Tax Act” would impose, for tax year 2026, a 5% tax on “all forms of personal property and wealth, whether tangible or intangible” exceeding $1.1 billion, with a slightly lower rate on amounts between $1-$1.1 billion. California residents, part-year residents, and certain trusts would be subject to the tax. The initiative would also [...] While the “2026 Billionaire Tax Act” is still far from becoming law, it underscores California’s ongoing debate over how to address fiscal issues and highlights the complexities of taxing net wealth. California Office of the Attorney General, Initiative 25-0024, “2026 Billionaire Tax Act” (Submitted for Title and Summary Oct. 22, 2026). Click to print (Opens in new window) Print