Under the Billionaire Tax Act, Californians worth more than $1 billion would pay a one-time 5% tax on their total wealth. AdvertisementBusiness Billionaire tax proposal sparks soul-searching for Californians Economists say a tax on California’s wealthiest residents could be the only way to pay for needed healthcare services in the state. The California billionaire tax would apply to about 200 California billionaires who reside in the state as of Jan. 1. “Stupid wealth tax proposals like this make it irresponsible for me not to plan leaving the state,” he said. However, Sen. Bernie Sanders (I-Vt.) and Rep. Ro Khanna (D-Fremont) have backed the wealth tax proposal, and Californians have passed temporary tax measures before.

Source: Los Angeles Times January 20, 2026 09:35 UTC