California Democratic Party backs controversial billionaire wealth tax proposal that's on state's 2026 ballot

California Democratic Party backs controversial billionaire wealth tax proposal that's on state's 2026 ballot
California flag with palm tree by Lesli Whitecotton is licensed under Unsplash unsplash.com

The California Democratic Party is supporting a proposed one-time wealth tax on billionaires of up to 5%.

Californians will decide whether to adopt the proposal during the 2026 midterm election.

The party's executive board voted in favor of backing the proposal on Sunday, according to The Sacramento Bee.

California flag with palm tree by Lesli Whitecotton is licensed under Unsplash unsplash.com

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