How the Billionaire Tax Could Make California Poorer
California voters will decide on two competing tax measures this November. The Billionaire Tax Act proposes a one-time 5% tax on the wealth of the state's richest residents, while the Retirement and Personal Savings Protection Act aims to limit the state's taxing power. Experts warn that the billionaire tax may lead to significant revenue losses and could set a precedent for future taxes on non-billionaires.
- ▪The Billionaire Tax Act is expected to raise $100 billion, but experts suggest it may result in a $25 billion loss for California.
- ▪Many billionaires have already left California, reducing the potential tax revenue by nearly 40%.
- ▪The Retirement and Personal Savings Protection Act seeks to protect individual savings from new taxes and retroactive taxation.
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wealth tax How the Billionaire Tax Could Make California Poorer One upcoming ballot measure would expand the state's taxing power. A lesser-known measure would limit it. Which will win? Veronique de Rugy | 5.28.2026 12:02 AM Share on FacebookShare on XShare on RedditShare by emailPrint friendly versionCopy page URL Add Reason to Google Media Contact & Reprint Requests (Illustration: Midjourney) Californians will face two competing tax measures this November. The first is the Billionaire Tax Act, a onetime, 5 percent levy on the accumulated net worth of the state's richest residents.
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