California’s big plan to tax its billionaires

And why some tax experts think there’s a better way to do it.

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September 16, 2026 6:01pm EDT

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If you’re a politician in the United States looking to score points with voters, perhaps the surest bet is to come out against data centers. But another option is also gaining steam: call out the billionaires. Democratic darlings like New York City Mayor Zohran Mamdani are doing it. Senator Jon Ossoff, a potential 2028 presidential hopeful, has singled out the ultra rich as what’s wrong with our politics. James Talarico, Bernie Sanders, AOC — all coming for the billionaires.

But that’s been mostly talk. In California, voters will decide on a ballot measure that would levy a one-time, 5% tax on the total wealth of all billionaires in the state. But what happens if the billionaires simply leave the state? And is there a better way to tax them?

On Today, Explained, host Sean Rameswaram explores how the ballot measure would work — and how billionaires are spending big to defeat it.

Stories like these are made possible by our Vox Members. If you would like to support Vox’s independent journalism, please consider becoming a Vox Member today.

—Jolie Myers, Deputy Executive Producer, Today, Explained

California’s audacious plan to tax its billionaires

And why some tax experts think there’s a better way to do it.

by Miles Bryan and Sean Rameswaram

Attendees wear “Billionaire Tax Now” shirts during a campaign kickoff event for the California Billionaire Tax Act on February 18, 2026, in Los Angeles, California. Tim Rue/Bloomberg via Getty Images

California’s big plan to tax its billionaires

And why some tax experts think there’s a better way to do it.

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