From NBC News · Adam Edelman · · 2m
California Voters Back Billionaire Tax
California voters support billionaire tax but it lacks majority approval.
In brief
California voters support billionaire tax but it lacks majority approval. A California ballot measure imposing a 5% wealth tax on net worth over $1.1 billion faces narrow support with 48% backing it, while 38% oppose and 14% are undecided. Originally reported by NBC News.
California Poll Finds Support
A plurality of likely California voters support a proposal on the state’s November ballot that would impose a one-time wealth tax on the richest Californians.
Support and Opposition Split
48% said they would vote 'yes' on the proposal, while 38% said they would vote 'no' and 14% were undecided.
Poll Margin of Error
The 10-point lead for 'yes' is outside the poll’s margin of error of plus or minus 4 percentage points.
Hispanic Voters Split
50% of Hispanic likely voters said they’d vote 'yes,' 40% said 'no,' and 10% were undecided.
Billionaire Tax Details
The measure would tax assets of Californians with net worths exceeding $1.1 billion at 5% and spend 90% of revenue on healthcare.
Retroactive Tax Application
The tax would apply retroactively to anyone living in the state as of January 1, 2026.
Wealth Gap Context
The proposal comes amid growing wealth gaps nationwide and rising ill feelings toward the ultra-wealthy in 2026 midterm elections.
National Tax Support
In a national NBC News poll, raising taxes on billionaires was the most popular candidate attribute out of 15 tested.
Democratic Division
Prominent Democratic leaders like Rep. Ro Khanna and Tom Steyer support the tax to close income inequality gaps and address state budget shortfalls.
Opposition from Leaders
Governor Gavin Newsom and Democratic candidate Xavier Becerra oppose the tax, arguing it would drive wealthy investors and tech leaders from the state.
Union Opposition
Service Employees International Union-United Healthcare Workers West and other unions oppose the tax’s focus on healthcare funding over education and food assistance.
Voter Concerns About Wealth Flight
59% of respondents said they were not too concerned about wealthy california residents leaving the state due to the tax.
Newsom Job Approval
45% of respondents approved of Governor Newsom’s job performance, while 46% disapproved and 9% were undecided.
Newsom 2028 Bid Support
66% of Democratic respondents said they would vote for Newsom if he ran for the Democratic presidential nomination in 2028.
Proposition 39 Support
49% of likely voters support Proposition 39 requiring government-issued ID for in-person voting and last four digits for mail-in ballots.
The main idea
A California ballot measure imposing a 5% wealth tax on net worth over $1.1 billion faces narrow support with 48% backing it, while 38% oppose and 14% are undecided.
