March 16, 2026
Blogs
California’s Proposed 2026 Billionaire Tax Act: What You Need to Know
California voters could see a new billionaire wealth tax initiative on the November 2026 ballot. If enacted, the statewide ballot initiative – Initiative No.25-0024 – would impose a one‑time wealth tax on California residents with at least $1 billion in net worth. While the measure faces political and legal headwinds, impacted taxpayers and their advisors should continue monitoring the initiative’s progress, to not be caught unprepared should it be enacted. For advisors and taxpayers outside of California, the 2026 Billionaire Tax deserves attention, as it may inspire similar legislation in other jurisdictions.
