This resolution supports a statewide initiative to tax the net worth of California billionaires in 2025, aiming to generate revenue for health care and public education. It targets over 200 billionaires with a combined wealth of nearly $2 trillion.
Resolution supporting the passage of the 2026 Billionaire Tax Act, a statewide initiative to implement a tax on the 2025 net worth of billionaires who live in California, over 200 people who altogether have a combined wealth of nearly $2,000,000,000,000; the collected revenue would go to fund health care programs and public education.
How it got here
The 2026 Billionaire Tax Act originated from a need to address funding shortfalls in healthcare and education due to federal cuts, leading to a proposed tax on California billionaires.
Jim Mangia and Suzanne Jimenez, as proponents, submitted the '2026 Billionaire Tax Act' to the California Attorney General for title and summary preparation, aiming to tax the net worth of billionaires in California.
The Board of Supervisors adopted Resolution No. 545-25, supporting the passage of the 2026 Billionaire Tax Act, which aims to levy a one-time tax on billionaires to fund healthcare and education.
The Mayor returned the resolution unsigned, but it became effective without his approval due to the time limit set by the city charter.
The Clerk of the Board transmitted a copy of the adopted resolution to Governor Gavin Newsom, formally supporting the initiative.
Reconstructed from attached documents & the official record
