California’s 5% Billionaire Wealth Tax: SEIU Healthcare Union Behind The Initiative While Sergey Brin’s Group Pours $35 Million Into Counter-Campaign
According to Politico, California’s proposed one-time 5% wealth tax on billionaires has qualified for the November 3, 2026 ballot after the Secretary of State verified at least 980,438 of more than 1.6 million signatures filed as valid.
The 2026 Billionaire Tax Act would impose a 5% excise tax on net worth exceeding $1 billion, with a phase-out between $1 billion and $1.1 billion. If passed, it could raise approximately $100 billion in one-time revenue for Medi-Cal, public education K-14, and food assistance programmes through a newly created Billionaire Tax Reserve Fund.
A poll by UC Berkeley’s Citrin Centre found 50% of registered California voters support the measure, with 28% opposed. However, majorities expressed concern when told the tax could drive wealthy residents and businesses out of the state.
Google co-founder Sergey Brin is the biggest donor to Building a Better California, a counter-campaign that has poured $35 million into three ballot initiatives designed to kill or weaken the measure. Brin himself has already left California.
Critics including Governor Newsom warn the retroactive tax — applying to any billionaire residing in California as of January 1, 2026 — could trigger capital flight before it even passes.
Check out our previous coverage of US tax policy and California politics here.
