The Case for California's Billionaire Wealth Tax
California is considering a Billionaire Wealth Tax aimed at addressing budget shortfalls and reducing inequality. The proposed tax would levy a one-time 5 percent charge on billionaire wealth over five years, potentially making it the first of its kind globally. Advocates argue that this measure could provide essential funding for state services while targeting the wealthiest individuals who contribute minimally to state tax revenue.
- ▪The Billionaire Tax Act is set for a vote in November 2026.
- ▪California's billionaires have seen their wealth grow significantly, with the top 10 now worth nine times more than two decades ago.
- ▪The proposed tax aims to raise revenue to address a budget deficit exacerbated by federal cuts.
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Opinion Guest Essay The Case for California’s Billionaire Wealth Tax The Case for California’s Billionaire Wealth Tax By Emmanuel Saez and Gabriel Zucman Mr. Saez is an economist at the University of California, Berkeley. Mr. Zucman is an economist at the Paris School of Economics. May 26, 2026 Share full article1.1kOn taxes and much else, California has often led the country. In 1978 the state’s voters approved Proposition 13, which strongly limited tax increases. Prop 13 was the opening salvo in Ronald Reagan’s antitax revolution, which swept the United States two years later.This year California’s voters could spearhead a shift in the opposite direction.
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