Thecontroversial billionaire taxmeasure has secured enough signatures to appear on the November ballot,according to the union leading the charge.
“Supporters of the Healthcare Executive Compensation Act submitted more than one million signatures to the California Attorney General and county registrars across the state, a landmark step toward qualifying the measure for the November 2026 ballot,” the group said in a statement Sunday.
The tax — proposed by the Service Employees International Union–United Healthcare Workers West — would impose a one-time 5% levy on California residents with assets exceeding $1 billion.
The measure is opposed by many, including top Democrats like the state’s own governor Gavin Newsom, who has warned it could trigger an exodus of wealthy individuals and businesses.
“This will be defeated — there’s no question in my mind,” Newsom said earlier this year. “I’ll do what I have to do to protect the state.”
Silicon Valley figureshave also pushed back, including Sergey Brin and Ron Conway, who have helped fund efforts to block the proposal and support competing ballot measures aimed at weakening it.
Several billionaires have already left California ahead of the proposal, including Larry Page, Brin, Peter Thiel, Don Hankey, Travis Kalanick and Steven Spielberg.
While the measure has qualified for the ballot, it still needs voter approval — a potential challenge as polling shows mixed views.
About half of voters support it, while 28% oppose it and 23% remain undecided. At the same time, many expressed concern about businesses leaving the state, billionaires relocating, and possible future tax increases.
National figures like Bernie Sanders have rallied support in California, arguing that billionaires have an “addiction” to wealth. The independent senator in vermont was in Los Angeles in February pushing for the wealth tax.
Source: California Post – Breaking California News, Photos & Videos
