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California 2026 Billionaire Tax Act (A.G. File No. 2025‑024, Initiative No. 25‑0024)

A one‑time 5% wealth tax on individuals with more than $1 billion in net worth. 

To finance Medi-Cal which is projected to lose federal funding

Will be on the November 2026 statewide ballot if enough (874,641) signatures are collected. 

The tax would be retroactive, applying to residents who qualify as billionaires as of January 1, 2026