California Candidates for Governor Will Share Ballot With Billionaire Tax They Both Oppose

California voters will decide in November on the "California Billionaire Tax Act," a proposal to impose a one-time tax of up to 5% on the assets of approximately 200 residents with a net worth of $1 billion or more as of January 1, 2026. The measure, which officially qualified for the ballot on Thursday after collecting over 875,000 signatures, is projected to generate around $100 billion in revenue. Ninety percent of this revenue is designated to support healthcare for low-income households, aiming to offset Medicaid cuts, while the remaining 10% will fund education and food assistance programs. The Service Employees International Union—United Healthcare Workers West has spearheaded the proposal since October 2025. Governor Gavin Newsom has publicly opposed the tax, arguing it would cause wealthy individuals to leave the state and reduce its revenue base. He has reportedly collaborated with prominent billionaires to campaign against the measure. Former Secretary of Health and Human Services Xavier Becerra and Fox News contributor Steve Hilton, both gubernatorial candidates, also oppose the tax.