The California Billionaire tax is no longer theoretical; it’s now a ballot fight.
Late last month, proponents of California’s “Billionaire Tax Act” announced they had collected well over the number of signatures required to qualify the measure for the November 2026 ballot. Reports indicate more than 1.5 million signatures were gathered, nearly double the 875,000 valid signatures required under California’s initiative process to qualify for the ballot. In California, the signature-gathering phase is often considered the real gatekeeper to the passing of new ballot measures. And this proposal cleared the first hurdle in convincing fashion.