California Billionaires Pour Millions into Opposing Wealth Tax

A proposed billionaire wealth tax in California has gained intense opposition from wealthy figures, who have pledged millions to defeat the measure. The initiative, backed by SEIU-UHW, would impose a one-time 5% tax on residents with a net worth exceeding $1 billion. Governor Gavin Newsom and tech billionaires Sergey Brin and Chris Larsen are leading efforts to oppose it.

The recent financial push from the opposition underscores the high-stakes nature of the campaign, which is set for the November 2026 ballot. Market pricing indicates a decreased likelihood of the wealth tax passing, with odds currently at 27.5% YES, down from 34% a day earlier.