Billionaire Tax Act rattles the Golden State

Billionaires have been fleeing California because of a ballot measure seeking to impose a one-time tax of 5% on their wealth. Promoted by unions, endorsed by Sen. Bernie Sanders, D-Vt., and doing well in gathering signatures to be on the November ballot, this citizen-initiated ballot measure is supported by 50% of voters plus another 14% who are undecided but lean “yes,” according to an early poll.

This Billionaire Tax Act would be retroactive to Jan. 1, 2026, and many billionaires are not waiting around for the election results.