California Proposes One-Time 5% Tax on Billionaires

A new ballot initiative proposed in California seeks to impose a single 5% tax on the state's wealthiest residents. The tax would apply only to individuals with a net worth exceeding $1 billion. It would be a one-time charge, not a recurring annual tax. State officials estimate the measure could raise up to $21.5 billion. By law, this revenue would be directed toward specific public services. The funds are designated for strengthening healthcare infrastructure and supporting public education programs. If supporters gather enough signatures, the proposal will go to voters for approval in the November 2024 election.