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California Votes on First Wealth Tax | Dayton News
California voters face a historic ballot decision this November: the first-ever statewide wealth tax targeting billionaires. The 2026 Billionaire Tax Act would impose a one-time 5% levy on net worth over $1 billion, affecting roughly 200 ultra-wealthy residents, with proceeds funding healthcare and education. While no other state has ever taxed accumulated wealth this way, opponents warn of tax fairness issues and potential capital flight — even as Governor Newsom pushes for a national approach. Amid California’s ongoing outmigration, driven largely by housing costs and not just taxes, the…
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