(October 24, 2025)

The proposed initiative would tax the 2025 net worth of billionaires residing in California, allowing them to pay off the obligation over five years. The revenue would go into a special fund with 90% reserved for health care spending and 10% reserved for K-12 education spending.

It needs 874,641 signatures to be placed before voters on the 2026 ballot, a number that the groups are confident they can reach. Getting voters to ultimately approve the tax, however, could be a hard sell.