California Billionaire Tax Push Advances to Ballot as Political Battle Intensifies.

Proposal for a one-time 5% tax on billionaires in the state is opposed by Silicon Valley tech titans and Gavin Newsom.

Supporters at the Billionaire Tax Now rally on 18 February 2026 in Los Angeles, California. Photograph: Jason Armond/Los Angeles Times via Getty Images

A controversial proposal to impose a one-time tax on California’s wealthiest residents is moving closer to voters, after supporters announced they have gathered enough signatures to secure a spot on the N…