Feb. 9, 2026
California's proposed billionaire wealth tax: Potential legal and practical obstacles
A proposed California ballot initiative imposing a one-time 5% excise tax on billionaires' net worth has gained traction amid fiscal concerns and fairness debates, but would face significant legal and administrative challenges regardless of one's policy position.
A. Lavar Taylor
Partner
Taylor Nelson Amitrano LLP
Phone: (714) 546-0445
Email: ltaylor@taylorlaw.com
Jonathan T. Amitrano
Managing Partner
Taylor Nelson Amitrano LLP
Phone: (714) 546-0445
Email: jamitrano@taylorlaw.com
A proposed state ballot initiative would impose a one-time excise tax on California residents and "applicable trusts" of up to 5% of their net worth if that net worth is $1 billion or more. This excise tax would be on "the activity of sustaining excessive accumulations of wealth." Titled the "2026 Billionaire Tax Act," the ballot initiative has gained traction with some Californians amid fiscal concer...
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