California Puts First Wealth Tax to Voters in November

California Secretary of State Shirley N. Weber certified on June 16 that a one-time wealth tax measure qualifies for the November 2026 ballot. The initiative would tax up to 5% of assets held by individuals and trusts worth over $1 million, channeling proceeds to healthcare, education, and food assistance. It marks the first statewide ballot measure of its kind in California history, structured as a single occurrence to sidestep Proposition 13 constraints but likely facing constitutional litigation if approved.