Half of California voters have supported a recently proposed billionaire tax. The new public poll offered a fresh glimpse of how the initiative could fare if it manages to reach the ballot in November 2026.
According to the UC Berkeley-POLITICO poll, the initiative holds an early advantage, with 23% of respondents remaining unsure. The poll asked respondents for their stance on the initiative, with 41% strongly agreeing and 9% somewhat agreeing. Combined, the NET Yes total stands at 50%.
The proposal has drawn sharp reactions on social media.
California’s “billionaire tax” is a dangerous global precedent. The state now claims ownership of unrealized gains, fundamentally redefining wealth.#WealthTax #FamilyOffice #UHNIs #GlobalInvestors #WealthPlanninghttps://t.co/UwPwUsmb3c
— Dewan Vakul Vinod Goyal (@the_vakul) March 17, 2026
The NET Undecided featured 14% being undecided but would lean towards yes, 7% are undecided, and only 2% being undecided and leaning towards no. Meanwhile, 5% somewhat turn down the act, while 22% strongly side with No, totaling 28% NET No. The survey included a sample size of 1,220 voters.
While the California voters support the Billionaire Wealth Tax Act, California Gov. Gavin Newsom was not pleased with the bill. During an interview with The New York Times, he vowed to stop the wealth tax proposal in the Blue State. He claimed that he had been working behind the scenes to oppose the proposal.
He expressed his concern about the bill, stating that it would stifle innovation in the state. Major tech companies are headquartered in California, which has helped boost state revenues and grow the economy for years. However, Newsom was certain that even if the act managed to reach the ballot, he would fight it.
He said,
“This will be defeated — there’s no question in my mind. I’ll do what I have to do to protect the state.”
Likewise, in the past, the Governor has helped kill other tax proposals, making it clear that he would not sign the bill into law. The measure presents a new challenge, as a large health care union is working to place a billionaire tax on the ballot. He has previously helped block wealth tax bills in the state Legislature.
Another billionaire just left California.
UBER Founder Travis Kalanick moved to Texas ahead of a proposed wealth tax that could have cost him $180 million.
This is what happens when you go after success.
The people creating wealth pull the ripcord… and the jobs go right with…
— Ann Vandersteel™️ (@annvandersteel) March 17, 2026
Despite his standing in the way, the initiative is backed by the health care union, which argues that the tax would be crucial in developing health care. The union proposed directing 90% of the revenue toward health care and the remaining 10% toward food and education. Suzanne Jimenez, the chief of staff for the union, said,
“The governor is focused on the wrong problem here. The problem is not just about the preferences of 200 ultrawealthy individuals. The problem is millions will lose health care, and that’s really the problem we’re trying to solve.”
The Governor’s Department of Finance and California’s nonpartisan legislative analyst assured in a joint review that the tax would deliver billions of dollars in one-time revenue. At the same time, it could lead to heavy losses because billionaires would leave the state to avoid paying hefty tax bills.
