Overview
- The ballot measure qualified for the Nov. 3, 2026 ballot after proponents declined to withdraw before Thursday’s deadline, ending last‑minute talks with Gov. Gavin Newsom.
- The proposal would levy a one‑time 5 percent tax on individuals and trusts with more than $1 billion in net worth who lived in California on Jan. 1, 2026, allow up to five years to pay, and excludes directly held real estate and some retirement accounts.
- Supporters, led by SEIU‑UHW, say the tax could raise roughly $100 billion with 90 percent directed to health care and 10 percent to education and food assistance, while the nonpartisan Legislative Analyst’s Office projects a large near‑term increase followed by declines in personal income tax receipts.
- Wealthy opponents have mobilized major funding to fight the measure: Sergey Brin and other donors have poured tens to more than $100 million into Building A Better California and two rival ballot measures that aim to block or complicate the tax’s implementation.
- With certification complete, the campaign will focus on voter persuasion, massive spending and likely court fights if the tax passes, and the outcome could affect hospital funding, state finances and whether high‑net‑worth residents restructure or leave California.