California Billionaire Tax Qualifies for November Ballot

The measure, opposed by Gov. Gavin Newsom, is a proposed one-time tax of up to 5 percent on individuals with a net worth of more than $1 billion.

An "I Voted" sign points to a Vote Center in Los Angeles on June 1, 2026. Mario Tama/Getty Images

California’s billionaire tax proposal has garnered enough signatures to become eligible for the general election ballot on Nov. 3, Secretary of State Shirley N. Weber announced June 17.

Weber said the initiative gained 962,000 required projected signatures, calculated through random sampling, 110 percent of the approximately 875,000 valid signatures needed by June 24. She said she will certify the initiative as qualified on June 25.