Proof of concept exercise; it'll work better when Democrats regain control of the entire country and there’s nowhere to run

California to Push for a Billionaire Wealth Tax Aimed at 180 People

A wealth, not merely an tax. The plan will require all California residents to declare their total net worth, defined broadly as all global assets, including interests in private companies, real estate, art, and intellectual property to the state’s revenue authorities. For now, although everyone must answer Caesar Augustus’ summons, only billionaires would actually be taxed, at 5%, “and just once — trust us”. When that money runs out, however, and it will, well, here’s a reminder: the 1913 Revenue Act was also aimed at only the top 1% of taxpayers, and topped off at 6% on income — not total assets — over $500,0000 ($32 million in current dollars). Your current tax bill may differ.

The “2026 Billionaire Tax Act,” which was received by the California attorney general on Thursday, would use the one-time funds to plug holes in the state’s health care system caused by reductions in federal funding enabled by the “One Big Beautiful Bill” legislation passed over the summer. Some 10% of the funds would be used to support public K-12 education. {

[UC Berkeley economics professor Emmanuel Saez] believes that the initiative will easily make the ballot because of the organizing experience of the union and polling which shows a majority of voters are behind the idea.

“It has a very good shot at passing and becoming the first tax on the ultrarich in the world,” he told The Standard.

Organizers say the tax would affect only about 200 Californians — the wealthiest 0.0005% of residents — while stabilizing hospitals, community clinics, long-term care facilities and K-12 schools threatened by the federal reductions.

If this initiative qualifies, it would mark the first time that a state ballot measure imposes a temporary tax on billionaires’ total wealth. Proponents hope California’s model will inspire emergency funding mechanisms in other states.

Opponents of the legislation argue that it will only push billionaires out of the state; although those who choose to leave to avoid paying the tax would have to do so before the start of 2026.

“Even if it’s a one-time tax, it would increase the chances of these people to relocate,” Enrico Moretti, another UC Berkeley economics professor, told Bloomberg. “It would also reduce the chances that these people bring their companies and their (employees) to California in the future.”

Nah, why would they leave?

Many of the billionaires are unlikely to leave the state, proponents said, because they have relied on its infrastructure, workforce and markets to build their wealth.

Certainly, there are a lot of New Yorkers, including NYC’s probable next mayor, who believe the same thing. We continue to live in interesting times.