California Democratic Party backs one-time billionaire wealth tax for 2026 ballot
The state party’s executive board approved backing a proposal to levy a one-time tax of up to 5% on billionaires, despite split opinions among Democratic leaders.
The California Democratic Party’s executive board voted to support a proposed one-time wealth tax of up to 5% on billionaires that will appear on the 2026 midterm ballot. The initial vote fell just short of the 60% threshold required for ratification, receiving 59.2% support, but a subsequent vote cleared the bar with about 61.7% in favor, according to the San Francisco Standard. The close margins highlight ongoing divisions within the party. U.S. Representative Ro Khanna, a Democrat from California, has voiced support for the measure, while Governor Gavin Newsom, who is term-limited, said he will oppose it.