California voters will decide in November 2026 whether to impose the nation's first significant wealth tax on the state's roughly 200 billionaires. Initiative 25-0024, backed by healthcare unions, would levy a one-time 5% tax on net worth exceeding $1 billion, potentially generating $100 billion for healthcare and education. Four tech titans alone—Mark Zuckerberg, Jensen Huang, Larry Page, and Sergey Brin—would collectively owe more than $40 billion under the measure, which represents an unprecedented attempt to fund social programs through extreme wealth redistribution.
California Union Unveils $100B Tax on Billionaires—200+ Residents Set for Historic Blow