The California wealth tax proposal was introduced in November 2025 by a healthcare workers' union and supported by lawmakers including representative Ro Khanna and senator Bernie Sanders.
The proposal, which would impose a one-time 5% tax on California billionaires as of the beginning of 2026, has officially received a sufficient number of signatures for the proposal to be put on the statewide ballot this fall. Billionaires would be taxed on stocks and business interests, even if individuals choose to relocate to other states later this year.
