California Voters Support Billionaire Wealth Tax Amid Economic Concerns
California Post opinion editor Joel Pollak joins ‘Varney & Co.’ to discuss the launch of the new conservative outlet, California’s media imbalance, and a controversial San Francisco program that spent millions giving alcohol to homeless residents.
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 recent survey indicates that 60% of likely voters support a one-time wealth tax, despite a majority acknowledging that such a move could lead to a business exodus and job losses. The February 2026 Nestpoint survey reveals a notable contradiction: 52% of respondents believe the tax would likely cost jobs and drive entrepreneurs out of California. Even when presented with a comprehensive list of economic risks, support for the wealth tax remained at 54%.
The data suggests that many voters in the Golden State prioritize perceived fairness over economic concerns. Notably, 42% expressed worries about potential fallout in Silicon Valley, while 48% voiced concerns about long-term revenue instability.
ONE OF AMERICA’S LARGEST UNIONS BACKS MASSIVE CALIFORNIA WEALTH TAX AS BILLIONAIRES BOLT
Another survey conducted by the Mellman Group found 48% voter support for the wealth tax, with 38% opposed and 14% undecided. However, the larger sample size in Nestpoint’s survey may account for the higher levels of support reported.
Voters cast ballots at a polling station in Rickshaw Bagworks store in San Francisco, California, on Tuesday, March 3, 2020. (Getty Images)
Although the initiative has not yet gathered the required 875,000 signatures to qualify for the November ballot, the proposal — supported 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.
This tax would be due in 2027, with taxpayers allowed to spread payments over five years, incurring additional costs, as outlined by the California Legislative Analyst’s Office. If approved, anyone who was a California resident on January 1, 2026, would be liable for the tax.
Former ‘Million Dollar Listing’ star Josh Altman joins ‘Varney & Co.’ to break down California’s slow post-fire rebuilding process and warn that a proposed wealth tax could drive billionaires and jobs out of the state.
California Governor Gavin Newsom doubled down on his opposition to the tax last week, cautioning that the plan could diminish funding for schools, public safety, and other essential services rather than resolve the state’s budget issues.
“I fear the way this has been drafted,” Newsom stated 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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The Corcoran Group agent Julian Johnston exclusively speaks to Fox News Digital about the new wave of California billionaires migrating to South Florida due to a proposed wealth tax.
Trevor Foreman, an SEIU member and hospital security officer in Sacramento, told Fox News Digital that “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.”
Foreman warned that local hospitals and emergency rooms could shut down permanently because billionaires are paying less than the rest of the population. He also highlighted that millions of businesses might face increased health insurance premiums, potentially leading to layoffs across various industries as employers struggle with rising coverage costs.
California Post opinion editor Joel Pollak joins ‘Varney & Co.’ to discuss the launch of the new conservative outlet, California’s media imbalance, and a controversial San Francisco program that spent millions giving alcohol to homeless residents.
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 recent survey indicates that 60% of likely voters support a one-time wealth tax, despite a majority acknowledging that such a move could lead to a business exodus and job losses. The February 2026 Nestpoint survey reveals a notable contradiction: 52% of respondents believe the tax would likely cost jobs and drive entrepreneurs out of California. Even when presented with a comprehensive list of economic risks, support for the wealth tax remained at 54%.
The data suggests that many voters in the Golden State prioritize perceived fairness over economic concerns. Notably, 42% expressed worries about potential fallout in Silicon Valley, while 48% voiced concerns about long-term revenue instability.
ONE OF AMERICA’S LARGEST UNIONS BACKS MASSIVE CALIFORNIA WEALTH TAX AS BILLIONAIRES BOLT
Another survey conducted by the Mellman Group found 48% voter support for the wealth tax, with 38% opposed and 14% undecided. However, the larger sample size in Nestpoint’s survey may account for the higher levels of support reported.
Voters cast ballots at a polling station in Rickshaw Bagworks store in San Francisco, California, on Tuesday, March 3, 2020. (Getty Images)
Although the initiative has not yet gathered the required 875,000 signatures to qualify for the November ballot, the proposal — supported 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.
This tax would be due in 2027, with taxpayers allowed to spread payments over five years, incurring additional costs, as outlined by the California Legislative Analyst’s Office. If approved, anyone who was a California resident on January 1, 2026, would be liable for the tax.
Former ‘Million Dollar Listing’ star Josh Altman joins ‘Varney & Co.’ to break down California’s slow post-fire rebuilding process and warn that a proposed wealth tax could drive billionaires and jobs out of the state.
California Governor Gavin Newsom doubled down on his opposition to the tax last week, cautioning that the plan could diminish funding for schools, public safety, and other essential services rather than resolve the state’s budget issues.
“I fear the way this has been drafted,” Newsom stated 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.”
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The Corcoran Group agent Julian Johnston exclusively speaks to Fox News Digital about the new wave of California billionaires migrating to South Florida due to a proposed wealth tax.
Trevor Foreman, an SEIU member and hospital security officer in Sacramento, told Fox News Digital that “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.”
Foreman warned that local hospitals and emergency rooms could shut down permanently because billionaires are paying less than the rest of the population. He also highlighted that millions of businesses might face increased health insurance premiums, potentially leading to layoffs across various industries as employers struggle with rising coverage costs.
