We’ve already seen some of the effects of the proposed California billionaire tax, which would take five percent of a person’s money if they’re worth over one billion dollars. Billionaires usually aren’t stupid — or they wouldn’t have gotten rich — and many like Google co‑founders Larry Page and Sergey Brin, Meta CEO Mark Zuckerberg, and Oracle founder Larry Ellison have quickly ditched the formerly Golden State for greener pastures in places like Florida and Texas.
You can trash the wealthy and resent them all you want, but if you drive them away… who’s going to pay the taxes?
Now the suicidal proposal is one step closer to becoming reality:
California’s controversial billionaire tax measure has secured enough signatures and qualified to appear on the November ballot after securing nearly one million signatures, according to the state’s secretary of state.
The measure — championed by the Service Employees International Union-United Healthcare Workers West (SEIU-UHW) — would levy a one-time 5% tax on the state’s ultra-rich whose assets exceed $1 billion.
Although even the prospect of the tax has already caused many to flee, a majority of California voters look poised to just continue to give a thumbs up to further decline:
If approved by voters in November, the measure would be the first of its kind in the country. It appears to have a viable path to passage, with one poll indicating that 54% of likely voters support the tax.
JUST IN: California's billionaire wealth tax initiative has collected enough valid signatures to be eligible for the November ballot. pic.twitter.com/L81XigF6Tr
— Rob Pyers (@rpyers) June 18, 2026
From Golden to Broke: Billionaires Ditch Newsom's California, Take $1 Trillion With Them
Desperate Gavin Newsom Tries to Distance Himself From Proposal That's Already Cost CA $1T
There’s still a chance that the matter will end here — the proposal’s chief supporter, the all-powerful Service Employees International Union-United Healthcare Workers West, has until June 25 to decide whether they want to move forward with their push. Under state law, proponents of a citizen-initiated ballot measure can pull the measure even after it has qualified for the ballot.
Gov. Gavin Newsom is against the measure, not because he has any principles, but because he knows how badly this socialist policy will go over in states that haven't lost their mind. He has presidential aspirations to worry about, don’t you know.
JUST IN:
— Ashley Zavala (@ZavalaA) June 18, 2026
California’s Secretary of State announces the billionaire’s tax has qualified for the November ballot.
On June 25th it will be certified, unless it is withdrawn by SEIU-UHW.
That leaves state leaders about a week to try to negotiate it off the ballot.
Former HHS Secretary Xavier Becerra, who is fighting for the gubernatorial nomination against Republican Steve Hilton, has also come out against the tax — but one could certainly speculate that he will immediately change his position if elected, because if he’s anything, he’s a Machine Politician. Meanwhile, Rep. Ro Khanna (CA-17) and clueless billionaire Tom Steyer are all in.
It’s easy to be resentful and jealous of the ultra-wealthy if that’s your bag. History has shown repeatedly, however, that punishing them does not in the end help the regular person; in fact, it often leads to devastation (Cubans can tell you all about that).
California may be in bad shape now after 15 years of continuous one-party rule, but wait till there’s nobody around to pay the taxes. Then this slow-motion decline will look like the Good Old Days.
Editor’s Note: California is the poster child for everything that is wrong with the Democrat Party and the “progressive” movement.
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