Policy & Ethicswealth taxtax residencyregulationhigh net worth
California Proposes Retroactive Billionaire Wealth Tax
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California proposes a one-time 5% wealth tax on residents with net worth of $1 billion or more, applying retroactively to people domiciled in the state on Jan. 1, 2026. Supporters estimate roughly $100 billion in revenue for healthcare offsets, while attorneys warn the retroactive start and complex residency rules will trigger lawsuits and aggressive relocation planning.
Scoring Rationale
High practical impact for wealthy taxpayers and advisors, but limited geographic scope and vulnerable to court challenges and political uncertainty.
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