20:15 - 19.06.2026
June 19, Fineko/abc.az. A California ballot initiative proposing a one-time wealth tax of up to 5% on assets exceeding $1 billion has officially qualified for the upcoming statewide election on November 3, 2026.
According to ABC.AZ, the California Secretary of State's office confirmed that the measure met all petition requirements. Under the legislative framework, if passed by a simple majority of voters, 90% of the generated tax revenues will be allocated directly toward state-funded healthcare programs—including offsetting federal Medicaid cuts—while the remaining 10% will fund public K-14 education and food assistance initiatives.
Fiscal analysts project the emergency tax could yield tens of billions of dollars for the state budget. However, the Legislative Analyst's Office has cautioned that the policy carries risks of reducing future long-term income tax revenues if a portion of California's wealthiest residents relocate to lower-tax jurisdictions.
