LAO put the tax on billionaire net worth
California's Legislative Analyst's Office says the initiative would impose a one-time 5 percent tax on the net worth of billionaires living in California on January 1, 2026. The tax would be due in 2027, though taxpayers could spread payments over five years at added cost.
The LAO analysis says the tax base would be wealth, not annual income. That puts the proposal in a different lane from millionaire-income surtaxes such as Massachusetts' Fair Share Amendment.
LAO says 90 percent would go to health care
The Legislative Analyst's Office says 90 percent of the money would have to be spent on health care services for the public.
The remaining money would go to tax administration, education, and food assistance, according to the LAO fiscal analysis.
AP: more than 870,000 signatures were required
AP reported that supporters needed more than 870,000 petition signatures to qualify the measure for the November 2026 ballot.
That signature fight put the tax proposal into the campaign-money system before any statewide vote on the measure itself.
Sergey Brin gave $20 million to the opposition committee
AP reported in March 2026 that Building a Better California, the committee fighting the billionaire-tax measure, was funded by wealthy business leaders including Google co-founder Sergey Brin.
AP said Brin gave $20 million to the committee.
LAO warned revenue could be hard to predict
The LAO's fiscal analysis says the measure could raise tens of billions of dollars over several years, but it also says the exact amount is hard to predict and that billionaire responses could reduce state income-tax collections by hundreds of millions of dollars or more per year.
The LAO warning covers both implementation and behavior: state revenue would depend on billionaire wealth values, tax planning, residency choices, and the administrative task of valuing private assets.
