California could face the loss of billions of dollars in tax revenue if voters approve a proposed one-time wealth tax on billionaires, as some of the state’s wealthiest residents are already making plans to leave, according to tax advisers and people familiar with the situation.
The proposal, known as the 2026 Billionaire Tax Act, would impose a 5% tax on the net worth of California residents classified as billionaires. The tax would apply to anyone considered a resident at the start of 2026. If approved by voters next November, it would affect roughly 200 billionaires, including major technology executives.
Tax advisers who work with ultra-wealthy Californians say clients are actively developing contingency plans ahead of the vote. These preparations include changing legal residency by registering to vote in other states, transferring driver’s licenses, scheduling medical appointments elsewhere, and relocating personal and financial ties outside California.
Supporters of the measure estimate it could generate up to $100 billion over five years, with proceeds earmarked for healthcare funding and public education. The proposal is backed primarily by the SEIU-United Healthcare Workers West labor union, which says the funds would help offset federal healthcare funding cuts.
Critics argue the tax could backfire financially if even a small number of billionaires relocate.
I will have less of a presence on The Torrid Tribe Community. We have very little activity here. This is a sign to me that members have found other social media resources that they are spending more time in. I am happy to see less censorship on social media in general. I started The Torrid Tribe 4 years ago when we were in a state of censorship and lockdowns. It was a difficult time and this was a haven and sanctuary for so many.
I will be lightly posting things here to give you all content to see. This community will always be open to everyone and will resurrect to its full capacity if subscribers show they want it fully operational again with full time administration.
Thank you for being a part of this community. Sending each of you hugs.
K-
Creator of The Torrid Tribe
Passion is the vibe that I want to bring to this community. I want to enjoy your passion for whatever it is you are into. Let's share what we learn - and learn what each other shares. Foodies unite. I love to cook and share recipes. I will regularly post pictures and recipes are available upon request. I would enjoy discussing your past, present and future journeys. Nature is God and Mother Earth's exquisite gift to us. Share a picture and we will enjoy the beauty through your eyes. Let's get deep and consensual with great subjective matter. This is a non judgemental safe place to let everything hang out.
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Thank you and hugs.
Torri
