Union knows who’d really pay for California ‘billionaire tax’
The California 'billionaire tax' is facing diminishing support among labor groups as concerns grow over its potential economic impact. Critics argue that the tax could drive billionaires out of the state, resulting in job losses across various industries. The proposed tax, which would impose a one-time 5% levy on residents with a net worth exceeding $1 billion, raises questions about its long-term effects on California's economy and budget.
- ▪The billionaire tax is set to appear on the November 3 ballot in California.
- ▪Critics, including labor leaders, warn that the tax could lead to job losses as billionaires may relocate their investments to other states.
- ▪Research indicates that billionaires have already left California, taking with them about 30% of the state's billionaire wealth.
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Opinion Union knows who’d really pay for California ‘billionaire tax’ By CA Post Editorial Board Published June 4, 2026, 9:34 p.m. ET See more of our coverage in your search results. Add The California Post on Google There are cracks in the foundation of labor support for the California “billionaire tax” headed for the Nov. 3 ballot. Good. In a nod to reality, the president of the State Building and Construction Trades Council says billionaires produce sports arenas and other large projects that put tradesmen to work. “[W]hat we believe would happen is these individuals would leave California and would take these investments to other states — losing the jobs for our members,” Chris Hannon said. Bingo.
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