The California Billionaire Tax Act has qualified for the November 2026 ballot, promising a massive cash windfall for the state. Proponents confidently declare that it will yield around $100 billion.
On paper the calculation seems a no-brainer. If you take the net worth of California’s billionaires from the Forbes list at the beginning of the year, roughly $2 trillion, and apply the proposed one-time 5 percent wealth tax, you land right around $100 billion.
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