California's 2026 Billionaire Tax Act Sparks Controversy

Last summer, a California-based group introduced the 2026 Billionaire Tax Act, proposing a one-time 5% tax on the assets of residents with a net worth exceeding $1.1 billion. Bloomberg posted on X, highlighting the ensuing controversy and debate surrounding the initiative. The proposal has sparked significant discussion among policymakers and the public, with various opinions on its potential impact on the state's economy and wealthy residents. The initiative aims to address wealth inequality and generate revenue for public services, but it has faced criticism from those who argue it could drive billionaires out of the state. As the debate continues, the future of the 2026 Billionaire Tax Act remains uncertain.