8 billionaires who fled California before the “Wealth Tax” hit — and one who didn't

California's 2026 Billionaire Tax Act (Initiative No. 25-0024) proposes a one-time 5% excise tax on the global net worth of individuals with more than $1 billion in assets. The citizen-led measure is sponsored by SEIU-United Healthcare Workers West and reflects a potentially material policy shift for high-net-worth taxpayers, but the article is factual and does not indicate an immediate market reaction.

Analysis

California's 2026 Billionaire Tax Act (Initiative No. 25-0024) proposes a one-time 5% excise tax on the global net worth of individuals with more than $1 billion in assets. The citizen-led measure is sponsored by SEIU-United Healthcare Workers West and reflects a potentially material policy shift for high-net-worth taxpayers, but the article is factual and does not indicate an immediate market reaction.