CA Wealth Tax: Accountant's Dream, Economist's Torment
The California Billionaire Tax Act has qualified for the November 2026 ballot, promising a significant cash windfall for the state. Proponents of the tax estimate it will yield around $100 billion. The proposed one-time 5 percent wealth tax is expected to be applied to the net worth of California's billionaires, which is roughly $2 trillion.
- ▪The California Billionaire Tax Act has qualified for the November 2026 ballot.
- ▪The proposed tax is expected to yield around $100 billion.
- ▪The tax would be a one-time 5 percent wealth tax on California's billionaires.
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The California Billionaire Tax Act has qualified for the November 2026 ballot, promising a massive cash windfall for the state. Proponents confidently declare that it will yield around $100 billion. On paper the calculation seems a no-brainer. If you take the net worth of California’s billionaires from the Forbes list at the beginning of the year, roughly $2 trillion, and apply the proposed one-time 5 percent wealth tax, you land right around $100 billion. Read Full Article »
Excerpt limited to ~120 words for fair-use compliance. The full article is at RealClear Markets.
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