California’s ‘Billionaire Tax’ is a Trojan Horse
20th January 2026
California’s biggest union is once again up to no good. Dissatisfied with the piles of cash they’ve already stolen from California high-earning taxpayers, who are subject to a 14.4% income tax rate (the nation’s highest), double digit sales taxes, and the second-highest tax burden in the country, the SEIU is now clamoring for a “one-time” 5% tax on the net worth of “billionaires” to fund health care for illegal immigrants.
Yes, you read that right. Tax the rich even more to pay for ballooning costs of failing, state-run health care.
The initiative that voters will likely decide upon in November is the pinnacle of progressive envy. It’s not enough that the top 1% of taxpayers already fund half of the state budget. They’re greedy for more, and the initiative’s new authority to tax net worth is a harbinger of unprecedented government intrusion into our lives.
We can first look to the retroactivity clause, which ensures that any taxpayer who did not have the foresight to flee the state by Jan. 1, 2026, will be subject to the tax if voters approve it in November. Progressives are well aware of the millions of people, trillions of dollars, and multiple congressional districts that have already left California for the freer shores of Florida, Texas, Tennessee, and other zero-income tax states. This time around, the victims of their tax hikes won’t have the chance to vote with their feet.
The initiative also singles out the most successful entrepreneurs who built their companies from nothing into unimaginable success. For many founders, the tax could be well over 5%.