Archive · 8 Jan 2026
California Billionaires Face Wealth Tax
California is thinking about a new tax.
This tax would take 5% of the money from people who have more than $1 billion.
The tax would only happen once, and it would raise a lot of money for schools and hospitals.
Some very rich people, like Larry Page from Google, are not happy about this tax.
They say it might make it harder for new tech companies to start in California.
But others say these rich people have so much money that this tax won't hurt them much.
The vote on this tax will happen in November, if enough people sign a petition to put it on the ballot.
Some people worry that if this tax passes, it might make rich people move away from California, which could be bad for the state's money problems.
California proposes a one-time 5% wealth tax on residents with a net worth above $1 billion.
The tax aims to raise $100 billion for healthcare and education.
Billionaires like Peter Thiel and Larry Page may change their residency in response.
Critics argue the tax could drive away wealthy individuals, harming the state's economy.
Supporters contend the tax would make a significant difference in funding public services.
- Who
- California residents with a net worth above $1 billion, including Peter Thiel and Larry Page
- What
- A proposed one-time 5% wealth tax on assets of billionaires
- When
- Vote in November, pending signature collection
- Where
- California
- Why
- To raise an estimated $100 billion for healthcare and education
- Tax Rate
- 5%
- Applicable Net Worth
- Above $1 billion
- Estimated Revenue
- $100 billion
- Proposed Use of Funds
- Healthcare and education
- Number of Affected Individuals
- About 200
- Vote Timing
- November, pending signatures