California Poll Shows 54% Support for Proposed Billionaire Wealth Tax

A survey conducted by the Public Policy Institute of California between May 14 and 18 found that 54% of 986 likely voters support a proposed one-time 5% wealth tax on California residents whose assets exceed $1 billion. Support varied sharply by party. Democrats backed the measure at 76%, while 82% of Republicans opposed it. Among independents, 53% favored the tax.

Voters earning less than $100,000 supported the tax by wide margins. Among higher-income respondents the split was nearly even, with 52% in favor. Renters favored the proposal 71% to 27%, while homeowners were divided almost evenly. Urban areas such as Los Angeles showed stronger support than the Central Valley, where 56% of likely voters said they would vote no.

Business groups and state officials have warned that the tax could prompt high-income residents and companies to leave California. One analysis estimated the measure could eliminate more than 108,000 jobs and $28 billion in wages. Unions that helped draft the initiative argue the revenue is needed to offset federal funding reductions affecting health care and other state programs.

A report released Wednesday by the Hoover Institution disputed claims that the tax would close a $19 billion annual budget shortfall, stating that Medicaid spending growth predated recent federal changes. Supporters countered on Thursday by citing projections that California’s uninsured population could double because of federal Medicaid changes.

They said the tax would help prevent hospital closures and coverage losses.