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The ‘billionaire tax’ would hurt those it is supposed to help

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California’s next governor won’t be chosen until November, but the debate over a proposed wealth tax is already defining the race.

In the primary debates, candidates from both parties were pressed on whether California should impose a one-time 5% wealth tax on billionaires. What’s most notable: Deep skepticism cuts across party lines about the tax’s design, consequences and impact on our state’s competitiveness. 

Despite these concerns, state authorities confirmed this week that supporters of the wealth tax had secured the number of signatures to qualify the measure for California’s November 2026 ballot. 

The measure’s primary sponsor has now come forward offering to reduce the wealth tax to 2% if Gov. Gavin Newsom will support it. The governor’s office immediately rejected the proposal, which is still fatally flawed.

The campaign’s fundamental premise is hard to dispute: California has a real affordability problem. For too many families, especially those in underserved communities, the cost of housing, childcare, healthcare and other basic necessities has outpaced wages, putting the California dream out of reach. 

But this proposal is fatally flawed. 

At its core, it targets highly mobile capital, creating incentives for investment and talent to leave. That outcome would only deepen our affordability challenges.

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