CALIFORNIA — The California One-Time Wealth Tax for State-Funded Healthcare, Education, and Food Assistance Programs Initiative qualified for the November 3 ballot, the California Secretary of State announced on June 17, 2026. The Secretary of State reported that at least 980,438 of the more than 1.6 million signatures filed for the initiative were valid.

The Service Employees International Union-United Healthcare Workers West (SEIU-UHW West) is sponsoring the initiative. The measure would levy a one-time 5% tax on the net worth of billionaires residing in California as of Jan. 1, 2026. The tax would be due with an individual's 2027 tax filings, and individuals would have the option to pay the tax in five equal installments beginning in 2027. Each subsequent payment would be subject to an annual deferral charge of 7.5% of the remaining unpaid balance.

The initiative would create the 2026 Billionaire Tax Reserve Fund to deposit all taxes, interest, and penalties resulting from the measure. Funds generated would support reductions in federal spending or state appropriations, Medi-Cal and other health coverage programs, public education from K-14, and food assistance programs.

U.S. Sen. Bernie Sanders (I-Vt.) supports the initiative, as do organizations such as the California Democratic Socialists of America, Teamsters California, and UNITE HERE Local 11. Economist Gabriel Zucman stated, "Its superrich — who have benefited from the state's infrastructure, universities and networks of people and businesses — have accumulated enormous fortunes almost tax-free." Zucman added, "The proposed billionaire tax would finally make them contribute in modest proportion to their gains." Zucman also said, "In November, California's voters should show the nation the way forward."

California Governor Gavin Newsom (D) opposes the initiative. Newsom stated, "It's really damaging to the state. ... The evidence is in. The impacts are very real — not just substantive economic impacts in terms of the revenue, but start-ups, the indirect impacts of … people questioning long term-commitments, medium-term. That's not what we need right now, at a time of so much uncertainty. Quite the contrary." Other opponents include U.S. Rep. Kevin Kiley (I-Calif.), San Francisco Mayor Daniel Lurie, and gubernatorial candidate Steve Hilton (R).