{"id":2619520,"date":"2026-06-26T11:33:21","date_gmt":"2026-06-26T15:33:21","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/californias-billionaire-tax-proposal-heads-to-voters\/"},"modified":"2026-06-26T11:37:21","modified_gmt":"2026-06-26T15:37:21","slug":"californias-billionaire-tax-proposal-heads-to-voters","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/californias-billionaire-tax-proposal-heads-to-voters\/","title":{"rendered":"California&#8217;s billionaire tax proposal heads to voters"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcalifornias-billionaire-tax-proposal-heads-to-voters%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2619520&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>California voters will decide in November whether to impose a one-time 5% wealth tax on state billionaires, a proposal that has garnered importent debate. Supported by groups like the Service Employees International Union to fund healthcare and public programs, the measure faces opposition from Governor Gavin Newsom and others who believe the focus should be on national tax reforms. The proposal stems from efforts to address high state taxes and an alleged outflow of billionaire wealth, with critics warning it could drive wealthy residents to leave. Prominent billionaires affected include mark Zuckerberg, Larry Ellison, and Jensen Huang. The measure is among 14 on the ballot for the upcoming election.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<article class=\"fn-body\">\n<p class=\"wp-block-paragraph\"><a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/california\/\" type=\"post_tag\" id=\"60\">California<\/a> voters will decide whether the state\u2019s billionaires should face a 5% net-worth <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/tax\/\" type=\"post_tag\" id=\"536\">tax<\/a> in November after Gov. <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/gavin-newsom\/\" type=\"post_tag\" id=\"1426\">Gavin Newsom\u2019s<\/a> (D-CA) opposition to the idea failed to stop it from getting on the ballot.<\/p>\n<p class=\"wp-block-paragraph\">The ballot measure will decide if the state should impose a one-time 5% tax on its billionaire residents, an idea that has been controversial within the Golden State and among members of the Democratic Party. The state, home to major money-making industry hubs such as <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/silicon-valley\/\" type=\"post_tag\" id=\"1811\">Silicon Valley<\/a> and <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/hollywood\/\" type=\"post_tag\" id=\"133\">Hollywood<\/a>, has over <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.businessinsider.com\/california-billionaires-list-wealth-tax-2026-1\">200 billionaires<\/a> who would be forced to cough up the one-time wealth tax, provided they lived in the state as of Jan. 1, 2026.<\/p>\n<section class=\"explore-more-section\" id=\"wex-recommended-widget\">\n<div class=\"magazine-container single\">\n<h1 class=\"magazine-title mt-2\">Recommended Stories<\/h1>\n<p>             <i class=\"fa-solid fa-play icon\"><\/i>         <\/div>\n<div class=\"explore-grid\">\n<div class=\"explore-card\">                         <a href=\"https:\/\/www.washingtonexaminer.com\/news\/campaigns\/state\/4626248\/wes-moore-plans-july-fourth-speech-counter-programming-trump\/?itm_source=parsely-api\">                             <\/p>\n<div class=\"explore-thumb-wrap\">                                                                                                                                  <\/div>\n<h3>Wes Moore plans July 4th speech as counter-programming to Trump: \u2018Nation of sacrifice\u2019<\/h3>\n<p>                         <\/a>                     <\/div>\n<div class=\"explore-card\">                         <a href=\"https:\/\/www.washingtonexaminer.com\/news\/campaigns\/4625810\/dsa-eyes-national-expansion-new-york-wins-democrats-brace-new-primary-fights\/?itm_source=parsely-api\">                             <\/p>\n<div class=\"explore-thumb-wrap\">                                                                                                                                  <\/div>\n<h3>DSA eyes national expansion after New York wins as Democrats brace for new <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/kiss-of-death-bidens-first-endorsement-of-2022-is-down-big-in-oregon-primary\/\" title=\"KISS OF DEATH: Biden\u2019s First Endorsement of 2022 Is Down Big in Oregon Primary\">primary fights<\/a><\/h3>\n<p>                         <\/a>                     <\/div>\n<div class=\"explore-card\">                         <a href=\"https:\/\/www.washingtonexaminer.com\/news\/campaigns\/state\/4625810\/dsa-eyes-national-expansion-new-york-wins-democrats-brace-new-primary-fights\/?itm_source=parsely-api\">                             <\/p>\n<div class=\"explore-thumb-wrap\">                                                                                                                                  <\/div>\n<h3>DSA eyes national expansion after New York wins as Democrats brace for new primary fights<\/h3>\n<p>                         <\/a>                     <\/div>\n<\/p><\/div>\n<\/section>\n<p class=\"wp-block-paragraph\">The idea was championed and lobbied for by the <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.seiu-uhw.org\/ca-billionaire-tax-act\/\">Service Employees International Union, United Healthcare Workers West<\/a>. The SEIU argued that what it has branded an \u201cemergency\u201d tax will make up for the federal cuts to rural California healthcare made by the One Big Beautiful Bill Act. If passed, the state would direct 90% of the revenue from the tax to the state\u2019s healthcare system and the other 10% to public education and food assistance programs.<\/p>\n<div class=\"wex-inarticle-ad wex-inarticle-ad-art-dsk-inart-1\">\n<div class=\"wex-ad-wrap wex-ad-art-dsk-inart-1\" style=\"min-height:90px\"><span class=\"wex-ad-label\" hidden>Advertisement<\/span><\/p>\n<div id=\"div-gpt-ad-3182201-15\" data-wex-ad=\"art-dsk-inart-1\"><\/div>\n<\/div>\n<\/div>\n<div class=\"article-paywall\">\n<p class=\"wp-block-paragraph\">However, while backed by liberals such as Rep. Ro Khanna (D-CA) and Sen. Bernie Sanders (I-VT), the measure has drawn criticism from both Democrats and Republicans alike. Critics have raised red flags that the measure could be the impetus for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/newsom-signs-fast-food-bill-into-law-raising-min-wage-industry-heads-expect-consumer-prices-to-increase\/\" title=\"... Signs Fast Food Bill Into Law Raising Min. Wage; Industry Heads Expect Consumer Prices To Increase\">industry heads<\/a> to leave the state, where taxes are already notoriously high, out of fear that another \u201cone-time\u201d billionaire tax could happen again.<\/p>\n<p class=\"wp-block-paragraph\">Newsom has been against the measure since the SEIU branch began advocating it, unwilling to compromise for a <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.sacbee.com\/news\/politics-government\/capitol-alert\/article316225859.html\">lower percentage on the tax<\/a>, as he maintained he wanted no tax at all. The impasse in negotiations between the state\u2019s executive branch and the union led to the tax proposal making it to the ballot when this week\u2019s deadline hit.<\/p>\n<p class=\"wp-block-paragraph\">The state\u2019s GOP gubernatorial candidate Steve Hilton, who is backed by President<a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/donald-trump\/\" type=\"post_tag\" id=\"4\"> Donald Trump<\/a>, called the measure \u201csomething that just captures so perfectly <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/news\/4614719\/california-billionaire-tax-qualifies-ballot\/?itm_source=parsely-api\">the stupidity and the failure<\/a> of 16 years of one-party rule.\u201d Democratic candidate <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/xavier-becerra\/\">Xavier Becerra<\/a> is also against the proposal.<\/p>\n<div class=\"wex-inarticle-ad wex-inarticle-ad-art-dsk-inart-2\">\n<div class=\"wex-ad-wrap wex-ad-art-dsk-inart-2\" style=\"min-height:90px\"><span class=\"wex-ad-label\" hidden>Advertisement<\/span><\/p>\n<div id=\"div-gpt-ad-3182201-16\" data-wex-ad=\"art-dsk-inart-2\"><\/div>\n<\/div>\n<\/div>\n<p class=\"wp-block-paragraph\">\u201cBillions of dollars of actual revenue have already left,\u201d Hilton <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/news\/4614719\/california-billionaire-tax-qualifies-ballot\/?itm_source=parsely-api\">said<\/a>. \u201cIt\u2019s gone. It\u2019s too late.\u201d<\/p>\n<p class=\"wp-block-paragraph\">But Dave Regan, president of the union, <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/abc7.com\/post\/california-voters-will-consider-measure-november-raise-taxes-billionaires\/19387148\/\">said<\/a> the opponents of the measure are \u201ctotally out of touch.\u201d He told <em>Politico<\/em> that Newsom\u2019s opposition shows he is \u201c<a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.politico.com\/news\/2026\/06\/26\/newsom-calls-for-national-billionaires-tax-00977751?nname=california-playbook&#038;nid=00000150-384f-da43-aff2-bf7fd35a0000&#038;nrid=849aba7f-f4d5-44d1-8dff-3ca5fb878b65\">in lockstep<\/a> with the 250 billionaires in California.\u201d<\/p>\n<p class=\"wp-block-paragraph\">However, with the measure now on the ballot, Newsom is changing his tune and calling for a national billionaire\u2019s tax, saying he is opposed to California\u2019s because he did not agree with the method of one stakeholder calling the shots on the state\u2019s budget. He confirmed he will be voting no on the state\u2019s ballot measure.<\/p>\n<div class=\"wex-inarticle-ad wex-inarticle-ad-art-dsk-inart-3\">\n<div class=\"wex-ad-wrap wex-ad-art-dsk-inart-3\" style=\"min-height:90px\"><span class=\"wex-ad-label\" hidden>Advertisement<\/span><\/p>\n<div id=\"div-gpt-ad-3182201-17\" data-wex-ad=\"art-dsk-inart-3\"><\/div>\n<\/div>\n<\/div>\n<p class=\"wp-block-paragraph\">\u201cThe fight belongs at the federal level, where this broken system was created in the first place,\u201d Newsom wrote in a <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/gavinnewsom.substack.com\/p\/its-time-for-a-national-billionaires\">Substack<\/a> post. \u201cSo here is what I support: A <a href=\"https:\/\/amzn.to\/3YuVZYV\" >national billionaires\u2019 tax<\/a>. A true minimum tax on billionaires \u2014 a modern Buffett Rule \u2014 that ensures the people at the very top pay at least the tax rate their own workers pay.\u201d<\/p>\n<p class=\"wp-block-paragraph\"><strong><a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/news\/campaigns\/state\/4616844\/newsom-rejects-scaled-back-billionaires-tax-as-ballot-fight-looms\/\" type=\"post\" id=\"4616844\">NEWSOM REJECTS SCALED-BACK BILLIONAIRES TAX AS BALLOT FIGHT LOOMS<\/a><\/strong><\/p>\n<p class=\"wp-block-paragraph\">Voters in California will weigh in on this ballot measure, along with <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/calmatters.org\/politics\/2026\/06\/california-ballot-measures-november-election\/\">13 others<\/a>, on Nov. 3.<\/p>\n<div class=\"wex-inarticle-ad wex-inarticle-ad-art-dsk-inart-4\">\n<div class=\"wex-ad-wrap wex-ad-art-dsk-inart-4\" style=\"min-height:90px\"><span class=\"wex-ad-label\" hidden>Advertisement<\/span><\/p>\n<div id=\"div-gpt-ad-3182201-25\" data-wex-ad=\"art-dsk-inart-4\"><\/div>\n<\/div>\n<\/div>\n<p class=\"wp-block-paragraph\">Some of the state\u2019s most prominent billionaires include Meta\u2019s Mark Zuckerberg, Oracle\u2019s Larry Ellison, and Nvidia\u2019s Jensen Huang.<\/p>\n<\/div>\n<\/article>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>California voters to decide on 5% billionaire wealth tax in November<\/p>\n","protected":false},"author":3976,"featured_media":2619521,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2026\/06\/AP26169551403961-e1781806867260.jpg?w=696","fifu_image_alt":"","footnotes":""},"categories":[33651],"tags":[70835,4045,57894],"class_list":["post-2619520","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-western-journal","tag-billionaire-tax","tag-california","tag-tax-proposal"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2026\/06\/AP26169551403961-e1781806867260.jpg?w=696","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2619520","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/3976"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2619520"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2619520\/revisions"}],"predecessor-version":[{"id":2619525,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2619520\/revisions\/2619525"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2619521"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2619520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2619520"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2619520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}