A number of CEOs and founders of major tech companies across California are opposed to a ballot initiative proposing a one-time tax on billionaires.
The California “Billionaire Tax Act” is a ballot initiative that seeks to impose a 5 percent personal wealth tax on residents who have a net worth of over $1 billion in certain types of assets and live in the state as of Jan. 1, 2026. Revenue generated from the tax is intended to fund health care, food assistance, and education programs, according to the initiative’s text.
