The Washington Report: – Special Edition

“California has a ballot proposal that would amend its constitution and impose a so-called “Billionaire’s Tax” on certain residents.  For taxpayers whose wealth is tied to a privately held business, the billionaire tax could present significant cash flow problems, forcing owners to potential divest of their businesses, or parts thereof, at inopportune and/or inefficient times. This could significantly disrupt long-term planning and investment at non-public companies. More broadly, if California passes a wealth tax along these lines, it could create momentum for a similar or analogous tax at the federal level.  Polling from February 2026 shows anywhere from 48% to 60% of Californians support the proposal. However, many politicians in CA, including the Democratic governor, oppose the measure.”

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