California’s ‘Billionaire Tax’ Could Reach Far Beyond Billionaires

Last week, the Service Employees International Union (SEIU) announced it had gathered more than 1.5 million signatures — nearly double what it needed — to put a sweeping new wealth tax on California's November ballot. The initiative is called the 2026 Billionaire Tax Act.

The name is designed to make you stop reading. Don't.

SEIU has spent months positioning itself as the champion of nurses, teachers and caregivers. What it has actually done is run a $24 million campaign to put a measure on the ballot that could eventually be used to tax virtually any Californian who owns assets — with no return trip to the ballot box required.

The measure would impose a 5 percent tax on the total net worth of California residents worth more than $1 billion as of Jan. 1, 2026. Buried in the fine print is a provision allowing the California legislature to expand the tax — lowering the threshold, adding asset categories — by simple majority vote, without voter approval.