Overview
- Bernie Sanders kicked off a high-profile Los Angeles rally to boost signatures for the SEIU‑UHW initiative and frame the tax as a response to extreme wealth inequality.
- The measure would assess a one-time 5% tax on Californians with net worth above $1 billion using Jan. 1, 2026 valuations, with multi‑year payment schedules and deferral options for illiquid assets.
- Opposition funding is surging, with Sergey Brin donating $20 million and allied groups pursuing counter‑ballot measures to restrict retroactive and asset‑based taxation.
- Gov. Gavin Newsom opposes the proposal, arguing it could drive high‑wealth residents and investment out of the state and destabilize long‑term revenues.
- The campaign remains in signature collection, needing roughly 875,000 valid signatures, as Rep. Kevin Kiley readies a federal bill to bar states from taxing former residents retroactively.