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California voters may face a monumental decision in November 2026: whether to approve the 2026 Billionaire Tax Act , a ballot initiative imposing a one‑time 5% excise tax  on the net worth of residents holding $1 billion or more  in assets. The measure, backed by a major healthcare labor union, aims to raise up to $100 billion  for healthcare, education, and food assistance programs. 1 To qualify for the ballot, supporters must gather roughly 875,000 valid signatures by June