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California Votes on Billionaire Tax | Charleston News
California voters face a historic choice this November: approving the first-ever statewide tax on billionaires. The 2026 Billionaire Tax Act would impose a one-time 5% levy on net worth over $1 billion, targeting roughly 200 ultra-wealthy individuals to fund healthcare and education. Supporters argue it’s a fair ask for those who’ve reaped the most, while opponents warn of legal battles and capital flight—potentially driving billionaires out of state. Even Governor Newsom opposes it, favoring a national approach. The real test: will this tax actually raise money—or just push the rich away?…
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