Overview
- SEIU‑UHW is driving a ballot initiative for a one‑time 5% levy on the net worth of Californians with at least $1 billion to fund health care, education and food assistance.
- The measure has not qualified for the November 2026 ballot and is still in the signature‑gathering phase following a visibility boost from a Bernie Sanders rally and new TV ads.
- Gov. Gavin Newsom opposes the proposal, and most high‑profile Democratic candidates at the state party convention avoided endorsing it, though Tony Thurmond voiced support and Tom Steyer and Katie Porter criticized the current design.
- The Legislative Analyst’s Office projects tens of billions in upfront receipts but warns the tax could reduce future income‑tax revenue if wealthy residents depart the state.
- A National Taxpayers Union Foundation report claims talk of the tax is already prompting relocations by billionaires, a contention the union’s campaign disputes as it notes billionaires contribute a small share of income‑tax receipts, while tech donors step up funding to defeat the measure.