California Ballot 2026 Features Billionaire Wealth Tax Proposal

California voters will decide on 14 statewide measures in the November 3, 2026 general election. The slate includes a $11.25 billion veterans and affordable‑housing bond, a constitutional amendment to double the state’s rainy‑day fund reserve, a permanent increase to the marginal income‑tax rates on high earners, and a repeal of the ban on public campaign financing.

A central initiative is a one‑time 5 percent tax on the worldwide wealth of billionaires residing in the state as of Jan. 1, 2026. Backed by a health‑care workers union and economist Emmanuel Saez, the measure is projected to raise roughly $100 billion from an estimated $2 trillion of billionaire assets, with proceeds earmarked for health‑insurance subsidies and food‑stamp assistance. Critics argue the tax could accelerate out‑migration of capital and hurt investment, warning that it may undermine the very people it intends to help.

Together, these proposals shape California’s fiscal and social policy agenda for the coming decade.