California voters back billionaire tax despite warnings it could trigger economic catastrophe: new poll
A recent poll indicates that 54% of likely California voters support a proposed wealth tax on billionaires. The tax would impose a one-time 5% levy on residents with assets exceeding $1 billion, despite warnings from opponents about potential economic repercussions. Support for the tax is notably higher among Democrats and lower-income voters, while Republicans largely oppose it.
- ▪54% of likely California voters support a proposed wealth tax on billionaires.
- ▪The tax would impose a one-time 5% levy on residents with assets exceeding $1 billion.
- ▪Support for the tax is stronger among Democrats and renters compared to Republicans and homeowners.
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Politics California voters back billionaire tax despite warnings it could trigger economic catastrophe: new poll By Titus Wu Published May 28, 2026, 4:54 p.m. ET See more of our coverage in your search results. Add The California Post on Google More than half of likely California voters support a proposed wealth tax on billionaires despite multiple reports and research questioning the benefits and potential harm to the state’s economy. A survey by the Public Policy Institute of California said 54% of likely voters agree with the tax, which would would impose a one-time 5% levy on California residents with assets exceeding $1 billion. Labor unions, who helped initiate the proposal, said they have enough signatures to qualify for the November ballot.
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