California Billionaire Tax Will Be on November’s Ballot, Along With These 13 Measures

Billionaire wealth tax: It’s hard to remember a measure with this much buzz before it even qualified for the ballot. This initiative, brought to the ballot by the healthcare workers union SEIU-UHW, would enact a one-time 5% tax on the wealth of California billionaires who were living in the state on Jan. 1, 2026. Proponents kept the measure on the ballot despite a flurry of last-minute negotiations with state leaders who oppose the idea.

Billionaire wealth tax poison pill: Opponents of the billionaire tax, led by Google co-founder Sergey Brin, gathered the signatures for two measures written to invalidate the wealth tax. This initiative would ban taxes that target financial assets, personal property or that are enacted retroactively.

Another billionaire wealth tax poison pill: A second measure introduced to counter the billionaire tax would ban new taxes that exempt their revenue from California’s state spending limit, which the proposed wealth tax does. It would also require audits of state tax proposals.

Voter ID: This measure, backed by California Republicans, would require Californians to provide a government ID to vote in person or provide the last four digits of a government-issued number if voting by mail.

Local taxes: In a deal struck late Thursday, the Legislature placed a measure on the ballot that would require two-thirds voter approval for any local tax that earmarks revenue for a specific purpose. Currently, local taxes can pass with a majority vote if they were placed on the ballot by citizens. In response, the Howard Jarvis Taxpayers Association agreed to withdraw a measure from the ballot that would have also limited local real estate taxes — both retroactively and moving forward.

Recall rules: In gubernatorial recall elections, California voters are asked two questions: Should the governor be recalled? And, if the recall is successful, who should be the next governor? This measure, placed on the ballot by the Legislature, would eliminate that second question and instead replace a recalled governor with the lieutenant governor — or through a subsequent special election.

Public campaign financing: Under this measure, more local governments in California would be allowed to establish systems of public campaign financing — in which candidates can receive taxpayer dollars for their campaigns if they demonstrate a certain level of viability. Currently, only charter cities (such as Los Angeles and San Francisco) can enact public financing for local elections.

Homebuyer assistance: Backed by former Assembly Speaker Bob Hertzberg, this $25 billion bond measure would fund mortgages for middle-income Californians who are purchasing a newly constructed home worth less than $1.5 million. The loans would act as a second mortgage for the buyer, covering up to 17% of the purchase price.

Housing bond: The state Legislature passed this $11.2 billion bond measure on Thursday, and Gov. Gavin Newsom quickly signed it onto the ballot. If voters approve it, $10 billion will be spent on building, acquiring or preserving affordable housing, while $1.25 billion will go toward home loans for California veterans.

Income tax: In 2012, California voters approved boosting income tax rates on high-income residents, and then they extended those rates in 2016. This measure, backed by unions representing California teachers, would make those higher income tax rates permanent.

Healthcare spending: Another SEIU-UHW-backed measure would require health clinics, which traditionally serve low-income patients in areas with limited healthcare services, to spend 90% of their revenue on patient services, rather than administrative costs. Failure to adhere to the measure would force clinics to pay fines and penalties that eventually would be used for clinic workforce programs.

CEQA overhaul: Under this proposal, the California Environmental Quality Act, or CEQA, would be changed to speed up environmental reviews for certain projects and limit legal challenges under the law. The California Chamber of Commerce would spearhead the proposal and would apply to developments including housing, transportation, clean energy projects, hospitals, schools and water systems.

Rainy day fund: The Legislature voted Thursday to place this measure on the ballot in order to boost the state’s ability to save money during flush budget years. The constitutional amendment would increase the cap on rainy day fund deposits from 10% of general fund revenue to 20% and exempt those deposits from counting against the state spending limit. Higher deposits would also be triggered in years with higher capital gains tax revenue.

Immunology bond: This $8.4 billion bond would fund research into immunology and immunotherapy — earmarking half of the money for work on cancer, heart disease and Alzheimer’s disease. The measure’s main sponsor is Dr. Gary Michelson, an investor and philanthropist.