Majority of California voters back billionaire wealth tax even when aware of economic risks, survey shows
60% support one-time billionaire wealth tax despite 52% admitting it will drive business exodus
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California voters appear ready to drive the state’s remaining billionaires toward the exit signs — and many say they are fully aware of the potential consequences.
A new survey found that 60% of likely voters back a one-time wealth tax, even as a majority of those same respondents say the move would spark a business exodus and cost local jobs.
The February 2026 Nestpoint survey highlights what it describes as a contradiction, with 52% of respondents saying the tax would likely cost jobs and drive entrepreneurs out of California. Even when presented with a "full battery" of economic risks, support for the wealth tax remained at 54%, according to the survey.
The data also suggests that some Golden State voters prioritize perceived fairness over economic concerns, with 42% expressing worries about potential fallout in Silicon Valley and 48% concerned about long-term revenue instability.
ONE OF AMERICA'S LARGEST UNIONS BACKS MASSIVE CALIFORNIA WEALTH TAX AS BILLIONAIRES BOLT
Another recent survey by the Mellman Group found 48% voter support for the wealth tax, 38% opposition and 14% undecided. However, Nestpoint’s survey reports a larger sample size, which may explain the higher support levels.
Voters cast ballots at a polling station in Rickshaw Bagworks store in San Francisco, California, on Tuesday, March 3, 2020. (Getty Images)
Though the initiative has not yet received the required 875,000 signatures to qualify for the November ballot, the proposal — backed by the Service Employees International Union–United Healthcare Workers West — would impose a one-time 5% tax on the net worth of California residents with assets exceeding $1 billion.
The tax would be due in 2027, and taxpayers could spread payments over five years, with additional costs, according to the California Legislative Analyst’s Office.
If voters approve the measure, anyone who was a California resident on Jan. 1, 2026, would owe the tax, according to the proposal’s language.
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California Gov. Gavin Newsom doubled down on his opposition to the tax last week, warning that the plan could reduce funding for schools, public safety and other core services rather than fix the state’s budget challenges.
"I fear the way this has been drafted," Newsom said at a Bloomberg News event in San Francisco. "I was burdened by the facts. The fact is, it actually will reduce investments in education. It will reduce investment in teachers and librarians, childcare. It will reduce investments in firefighting and police," he continued. "The impact of a one-time tax does not solve an ongoing structural challenge that has been exacerbated by the impacts of H.R. 1."
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Trevor Foreman, an SEIU member and hospital security officer in Sacramento, told Fox News Digital in response: "California’s billionaires pay much lower tax rates than what working families pay out of every paycheck. And soon, massive federal healthcare funding cuts in 2026 will collapse key parts of the California healthcare system."
"Local hospitals and emergency rooms will shut their doors forever because billionaires insist on paying less than the rest of us," Foreman claimed.
In addition, Foreman warned that millions of businesses could face higher health insurance premiums, which he said could lead to layoffs across multiple industries as employers absorb rising coverage costs.