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Teamsters Back California One-Time Billionaires Tax as Ballot Push Intensifies

Labor support is growing, with the measure still short of ballot qualification.

Protesters march during a “People Over Billionaires” protest in the Pacific Heights neighborhood of San Francisco on Nov. 15, 2025.
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Overview

  • Teamsters California, representing about 250,000 workers, publicly endorsed the proposed levy, becoming the largest union to back the measure.
  • The initiative would impose a one-time 5% tax on the net worth of Californians exceeding $1 billion, with liability tied to residency on Jan. 1, 2026 and payments due in 2027 or over five years with added charges.
  • Supporters say the tax could raise roughly $100 billion, directing about 90% to Medi-Cal and the remainder to food assistance and public education.
  • The measure has not qualified for the November 2026 ballot and is still gathering roughly 870,000 valid signatures, with SEIU–UHW leading the campaign.
  • Gov. Gavin Newsom opposes the plan as analysts warn some billionaires would leave the state, reports note relocations by Larry Page, Sergey Brin, Larry Ellison, Peter Thiel and David Sacks, and critics cite valuation and legal hurdles referencing France’s experience.