The 2026 Billionaire Tax Act is not law, but a proposed ballot measure that organizers are gathering signatures to place on California’s November 2026 ballot. It would impose a “one-time” 5% tax on the wealth of high-net worth individuals who resided in California as of January 1, 2026. Noticed: This tax targets accumulated wealth, including stocks, bonds, and business interests, properties and assets rather than just income.
However, while Democrats claim they only want to apply the tax to “billionaires,” Reform California Chairman and State Assemblymember Carl DeMaio are calling BS on those claims. DeMaio exposed the truth when he took to the Assembly floor and demanded an immediate vote on a constitutional amendment that would have permanently blocked politicians from imposing a new “Savings Tax” on middle-class Californians. ACA-14 was designed to prevent politicians from ever expanding the tax to hit the middle class.
ACA-14 would have amended the California Constitution to provide iron-clad protections for taxpayers by:
- Requiring honest ballot titles that clearly disclose tax increases
- Restoring a two-thirds vote threshold for local special taxes
- Banning an “Exit Tax” on Californians fleeing the state
- Prohibiting any new gas, car, or mileage taxes without voter approval
The amendment was structured to appear on the same ballot as the Billionaires Tax and would only take effect after voters decided on that proposal—preserving voter choice while guaranteeing the middle class could never be targeted.
And guess what the Democrats did... they all voted 'NO'... meaning, Middle-class are fair games if they can't get the cash from billionaires that exit CA before the deadline.
When the 'Wealth Tax' was gathering signatures... some billionaires have already skipped town: Larry Page and Sergey Brin, number 2 & 3 on the Bloomberg billionaires list, Peter Thiel, David Sacks, Chamath Palihapitiya, Mark Zuckerberg... just to name a few.
Topic: CA's Wealth Tax isn't what it's cracking up to be... (Read 826 times)