The proposed 2026 California billionaire tax would impose a one-time 5 percent tax on the net worth of California residents worth more than $1 billion.

Is it true that the proposed 2026 California billionaire tax would impose a one-time 5 percent tax on the net worth of California residents worth more than $1 billion?

Yes. Multiple independent sources, including a Wikipedia article on the 2026 California Proposition 40 and several 2026 fiscal analyses, describe the proposed California Billionaire Tax Act as a one-time 5 percent tax on the net worth of California residents worth over $1 billion.

Verdict: SUPPORTED · 5 sources for, 0 against · Last checked 2 Oct 2026

The private library was unavailable for some searches in this check. Missing library results are not evidence against the claim.

2026 California Proposition 40 - Wikipedia. (n.d.). en.wikipedia.org. https://en.wikipedia.org/wiki/2026_California_Proposition_40

Jaros, B., Rauh, J. D., Kearney, G., Doran, J., & Cosso, M. (2026). The Net Present Value of the Billionaire Tax Act: An Assessment of the Fiscal Effects of California's Proposed Wealth Tax. doi.org. https://doi.org/10.2139/ssrn.6340778

Walczak, J. (2026). Ongoing State Tax Revenue Implications of the 2026 California Billionaire Tax Act. doi.org. https://doi.org/10.2139/ssrn.6628261

Response to "The Net Present Value of the Billionaire Tax Act" March 4, 2026. (2026). doi.org. https://doi.org/10.2139/ssrn.6433598

California Billionaires: Wealth, Taxes, and Wealth Tax Revenue Estimates. (2026). doi.org. https://doi.org/10.2139/ssrn.6824959