Earlier this week in Sacramento, a wealth tax initiative was filed that would impose an excise tax in 2026 on “excessive accumulation of wealth,” which is defined as $1 billion or more. The sponsors are individuals from the Service Employees International Union-United HealthCare Workers West and St. John’s Community Health. As a reminder, in August the California Teachers’ Association filed a ballot measure to make the Proposition 55 temporary income tax increase permanent. At this stage, if you are inclined to oppose either or both and have a relationship with Governor Newsom, it would likely help if you encouraged him to express his opposition.
