California Billionaire Tax Initiative Secures Signatures For November Ballot
Backers of a proposed California "billionaire tax" announced Monday, April 27, 2026, that they have secured enough signatures to put the measure on the November statewide ballot, a CBS News report says (CBS News).
Campaign organizers said the petition drive reached the threshold needed to qualify and that the measure will now move into the signature-validation phase with county election officials and the Secretary of State before final certification (CBS News).
The episode traces back to months of organizing by proponents who want to impose new taxes on the state's wealthiest residents. Supporters framed the proposal as a way to raise revenue for state priorities, while opponents warned it would chase wealth out of California and trigger a major political fight.
If validated, the measure will join other high-profile tax and spending questions voters will decide in November and is likely to draw heavy spending from both sides as campaigns prepare for a statewide ballot fight (CBS News).
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📌 Key Facts
- On Monday, April 27, 2026, SEIU-UHW said it had collected more than 1.5 million signatures for the "2026 Billionaire Tax Act," above the 875,000 needed to qualify.
- The measure would impose a one-time 5% tax on Californians with net worths of at least $1 billion and is projected to raise about $100 billion over five years.
- Organizers say the revenue would be used to prevent healthcare facility closures and to support K-14 education and food assistance, while Gov. Gavin Newsom warns the tax could prompt wealthy residents to leave the state.
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