California is trying to shame rich people into bailing out the state’s failing budget, and the result will be a worse California where everyday workers are forced to pay even more than they pay now.

California is workshopping a “one-time” 5% wealth tax on people with a net worth over $1 billion, which is about 200 people in California. It would be a retroactive tax, as it would have to be approved by voters through a ballot proposition in November 2026, but would apply to anyone who was a California resident as of Jan. 1, 2026. It is also a tax on worldwide assets, meaning California is going to try and lift money that was not earned in California from people who do not live in California, if it were to go into effect.

© Washington Examiner