Tax
Jan. 2, 2026
California billionaire tax proposal draws early constitutional scrutiny
Legal analysts warn the initiative could face challenges under U.S. and California Constitutions.
A proposed California ballot initiative that would impose a one-time tax on the state's wealthiest residents is already drawing intense legal scrutiny and disagreement about its constitutionality.
The measure, commonly referred to as the 2026 Billionaire Tax Act, would levy a 5% tax on the net worth of California residents whose assets exceed $1 billion. Proponents, especially unions and labor groups, say it could raise billions of dollars and shore up the state's health c...
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