California’s billionaire tax measure has officially qualified for the November ballot, state officials say.
To be eligible for the ballot, the initiative — a one-time, 5% tax on the wealth of the Golden State’s billionaires — needed at least 874,641 signatures, or 8% of the total votes cast for the state’s November 2022 gubernatorial election, the California Secretary of State said in a June 17 news release.
A measure can qualify through random sampling if the sample shows it has at least 110% of the required valid signatures, state officials said. The billionaire tax measure needed 962,106 projected valid signatures to qualify and has passed that mark.
“Now that California’s historic Billionaire Tax has surpassed the state’s signature requirement, we’re one step closer to saving the hospitals and emergency rooms that we all rely on,” Debru Carthan, with the Billionaire Tax Now Coalition, said in a June 18 news release. “With today’s news, David won the second round against Goliath.”
Among those opposed to the measure is Gov. Gavin Newsom, who, the New York Times reported, is trying to negotiate a deal with the initiative’s proponents to withdraw it before the ballot is finalized on June 25.
In addition to the billionaire tax, three other measures recently qualified for the November general election. Here’s what to know about the billionaire tax measure, as well as the other initiatives that recently qualified for California’s November ballot.
What to know about the ‘2026 Billionaire Tax Act’
The “2026 Billionaire Tax Act,” or Initiative No. 25-0024, was proposed by SEIU-United Healthcare Workers West and would impose a one-time 5% tax on billionaires’ net wealth, according to a filing for the initiative.
Ninety percent of the revenue from the tax would go toward health care programs, while the remaining 10% would go to education and food assistance programs.
The tax would be due in 2027, according to the Legislative Analyst’s Office. Taxpayers, however, could opt to pay over time with payments spread out over five years at a higher cost.
Under the measure, the state would likely collect tens of billions of dollars, but the exact amount would be difficult to predict given several factors, the LAO said.
SEIU‑UHW says the measure is needed “to prevent the collapse of California healthcare and help fund California public K-14 education and state food assistance programs.”
The labor union says the measure is in response to President Donald Trump’s administration’s H.R. 1, or “One Big Beautiful Bill Act,” which “slashes $100 billion from California’s healthcare funding over the next five years, pushing our state towards a healthcare collapse.” The labor union has called the measure “a commonsense solution to a looming crisis,” according to the labor union.
The tax “would be paid only by Californians worth more than $1 billion,” or about 200 people, and would raise $100 billion for the state, SEIU‑UHW says.
Bernie Sanders is among the measure’s proponents, having attended the proposal’s campaign kickoff in Los Angeles on Wednesday, Feb. 18, USA TODAY reported.
Meanwhile, opponents, such as Newsom, worry that the measure will drive billionaires to flee the state, along with their tax dollars, The New York Times reported.
Newsom vowed to fight the proposed measure in his interview with The Times.
“This will be defeated — there’s no question in my mind,” Newsom told The New York Times. “I’ll do what I have to do to protect the state.”
Earlier this year, Google founders Sergey Brin and Larry Page had reduced their “California presence,” The New York Times reported. At the same time, Meta CEO Mark Zuckerberg was reportedly eyeing purchasing a mansion in Florida, the Wall Street Journal reported in February.
“This is my fear,” Newsom told POLITICO of his worries about California billionaires preparing to flee the state in response to the proposed measure. “It’s just what I warned against. It’s happening.”
Two committees have registered in opposition to the proposed measure — Stop the Squeeze and Golden State Promise — which have reported $10.4 million in contributions, according to Ballotpedia.
“One Sacramento special interest group is pushing a likely unconstitutional ballot initiative that would do the exact opposite of what it proposes to do,” a website sponsored by Stop the Squeeze says. “The so-called wealth tax is a cynical money grab that is opposed by a broad cross-section of Californians.”
Three more measures qualify for November ballot
Along with the billionaire tax measure, three additional citizen-driven measures also recently qualified for the November ballot, according to the California Secretary of State.
One of those measures, Initiative No. 25-0022, would cap lawyers’ contingency fees at 25% of a victim’s total recovery, ensuring victims keep at least 75% of their settlement. The initiative would also limit how much a victim can recover for medical expenses after a car accident, raise the standard of proof for certain medical costs, and prohibit certain financial arrangements between attorneys and medical providers.
A More Affordable California, a campaign sponsored by Uber, is backing the initiative. Opponents include the Consumer Attorneys of California and Consumer Watchdog. Supporters argue that the measure protects consumers, lowers costs, and ensures victims keep more of their money, while opponents say it restricts access to legal help, reduces compensation, and could make it harder for injured people to get care.
Another measure that qualified, Initiative No. 25-0029, would increase rideshare companies’ legal responsibility and safety requirements related to sexual misconduct.
The proposal would classify companies like Uber and Lyft as common carriers, similar to taxis, buses, and trains, holding them to a higher standard of care to protect passengers. It would make those companies legally responsible for sexual misconduct, including sexual assault, involving riders or drivers, regardless of whether the driver is an independent contractor.
The initiative would also require annual fingerprinting and background checks for drivers and mandate that rideshare companies publish monthly reports on incidents of sexual misconduct.
Alliance Against Corporate Abuse, sponsored by the Consumer Attorneys of California, is leading the campaign in support of the measure. Supporters, including safety advocates, say the proposal is needed to hold rideshare companies accountable. Opponents, including rideshare companies, argue it would increase legal exposure and costs, which could ultimately be passed on to riders.
The final ballot measure that recently qualified for the November ballot is Initiative No. 25-0023, which would modify the California Environmental Quality Act to speed up reviews for certain projects, including housing, transportation, water, health, and clean energy.
For those projects, it would set deadlines for agencies to finish environmental reviews and make decisions; allow faster reviews by reducing the need to study alternative project options; and limit court challenges by setting deadlines for lawsuits and restricting what courts can consider and order.
Committee to Build an Affordable California is spearheading the campaign in support of the measure. Supporters include American Clean Power – California and the California Chamber of Commerce. Opponents include the State Building and Construction Trades Council of California and the Sierra Club California. Supporters say the measure would speed up projects and lower costs by streamlining environmental reviews, while opponents argue it would weaken environmental protections, limit public oversight, and shift risks onto communities.
What’s needed for measures to pass?
All of the above measures require a simple majority vote to pass and become law.
When is California’s general election?
California’s general election will be held Tuesday, Nov. 3. Voters will be asked to choose winners for U.S. Senate, U.S. House, governor, and key statewide offices.
This article originally appeared on Palm Springs Desert Sun: California billionaire tax, 3 other measures qualify for November ballot
Reporting by Daniella Segura, USA TODAY NETWORK / Palm Springs Desert Sun
USA TODAY Network via Reuters Connect
By Daniella Segura, USA TODAY NETWORK | USA TODAY Network
