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California ‘billionaire tax’ makes ballot despite opposition from tech moguls

Wealth tax criticized by billionaires and Gavin Newsom would levy a one-time 5% tax on residents worth over $1bn...

News Desk

Staff Writer

Published

Jun 19, 2026

Source

The Guardian

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California ‘billionaire tax’ makes ballot despite opposition from tech moguls

AI Insight:This tax proposal marks a significant challenge to the wealth and influence of California's tech elite.

Wealth tax criticized by billionaires and Gavin Newsom would levy a one-time 5% tax on residents worth over $1 billion, generating an estimated $24 billion in revenue. The proposal, which was approved for the November ballot, has sparked fierce opposition from tech moguls, including those who have previously donated millions to Governor Gavin Newsom's campaigns. Proponents of the tax argue that it will help address California's pressing issues, including homelessness and inequality, while opponents claim that it will drive the wealthy out of the state and harm the economy. The tax would apply to individuals with a net worth of over $1 billion, with the revenue generated to be used for various state programs and services.