Overview
- The union-led campaign, which said Monday it turned in petitions with more than 1.5 million names, needs roughly 875,000 valid signatures to qualify as counties and the Secretary of State verify them.
- The initiative would charge a one-time 5% tax on Californians with net worth of at least $1 billion, applied to residents as of Jan. 1, 2026, with payments allowed over five years.
- Backers project about $100 billion for health care, schools, and food aid in response to federal Medicaid and benefit cuts that organizers say threaten hospital and clinic closures.
- Opponents led by Gov. Gavin Newsom and business groups warn of wealth flight and budget harm, and an opposition study forecasts roughly 108,000 job losses and long-term income tax declines.
- Rival ballot measures funded by tech leaders seek to curb new asset taxes, and under state law competing initiatives that pass are decided by which receives more yes votes.