Overview

A significant step has been taken towards placing a billionaire tax on the California ballot, as the Service Employees International Union–United Healthcare Workers West (SEIU-UHW) has gathered over 1.55 million signatures. This count is nearly double the required 875,000 signatures needed to advance the proposal.

The California Billionaire Tax Act aims to impose a one-time 5% tax on the net worth of residents with assets exceeding $1 billion, targeting around 200 individuals in the state.

Key details

  • The SEIU-UHW has collected more than 1.55 million signatures.
  • The required number of signatures to qualify for the ballot was 875,000.
  • The proposed tax is a one-time 5% levy on billionaire assets.
  • The tax would apply to California residents with a net worth exceeding $1 billion.
  • Tax payments would be due in 2027 and could be spread over five years with interest.
  • Residents who were in California on January 1, 2026, would be liable for the tax.
  • A resident with a net worth of $20 billion would owe $1 billion in tax, payable over five years.
  • Supporters argue the tax is necessary to counteract cuts to Medicaid and other health programs.
  • SEIU-UHW chief of staff Suzanne Jimenez emphasized the tax's importance for healthcare services in California.
  • The proposal has garnered support from various healthcare workers and advocates.
  • Opposition is noted from some billionaires who are against the tax.
  • The campaign kickoff for the tax act featured Sen. Bernie Sanders in February 2026.

Context

The proposed billionaire tax reflects ongoing debates in California regarding wealth distribution and funding for healthcare services, particularly in light of federal cuts to health programs.

What happens next

The next step involves the SEIU-UHW filing the collected signatures, which will allow the proposal to be officially placed on the ballot for voter consideration in the upcoming election.

What we don't know yet

Details regarding the specific timeline for the ballot process and potential opposition strategies are not confirmed.