Stop The California Wealth Tax
Politicians turned a $100 billion surplus into a massive deficit in just two years. Now they want to tax your savings and retirement accounts – not just your income.
California’s Cost of Living Keeps Climbing
California already has the highest income, sales, and gas tax rates in the nation and, not surprisingly, the highest cost of living. All those taxes still aren’t enough to support politicians’ out-of-control spending, which is how they just blew through a $100-billion budget surplus in two years.
Now, special interests and politicians want to go even further with an unprecedented Wealth Tax that doesn’t just tax what you earn – it taxes what you own.
They say it’s a “Billionaire’s Tax”, but read the fine print and you’ll see this new type of tax can be applied to virtually anyone. Politicians currently can tax what you earn. That’s income tax. Whether through your paycheck, or the sale of a house, or sale of stock, or a withdrawal from your retirement account. In every case, the state only takes its cut AFTER you get paid.
Under the Wealth Tax proposal, it’s the first time the state can tax the underlying value of what you own, even if you never sell it or withdraw a dime. And the fine print lets the politicians expand the tax far beyond billionaires—to people like you. That means politicians can tax what you have already saved, not just what you earn. This is a massive expansion of their taxing authority, putting at risk your savings account, retirement account, and any other assets you own.
But that’s not all!
The Wealth Tax:
Sets New Requirements
Requires every California resident to file a sworn declaration disclosing the value of all their assets – YOUR home, retirement savings, investments, and more.
Gives the State Legislature Power
Gives the State Legislature power to expand the tax from billionaires to every taxpayer and change what gets taxed.
Creates Massive Budget Deficits
Does nothing to stop the waste and reckless spending that turned a $100 billion surplus into years of massive budget deficits.
The Wealth Tax is not the answer. California doesn’t have a revenue problem – we have a spending problem.
Why the Wealth Tax Is Wrong for California
A Slippery Slope
The tax claims to only apply to billionaires, but the politicians in the Legislature would have the power to expand it to anyone. Today it’s billionaires. Tomorrow it could be YOUR retirement account or home equity.
Asset Declaration Mandate
EVERY California resident would be required to file a sworn government declaration—under penalty of perjury—and bureaucrats have broad authority to require more and more taxpayers to list the value of their personal assets.
Drives Innovators Out of California
The Wealth Tax will push entrepreneurs, job creators, and businesses out of the state, harming California’s long-term budget. The state already relies on the top 1% for nearly 40% of revenue – losing them means bigger deficits and higher taxes for those who remain.
Makes the Cost of Living Worse
Californians are already struggling with skyrocketing housing costs, gas prices, and grocery bills. Adding a new layer of taxation only deepens the affordability crisis.
Stop the Wealth Tax
Join the opposition to protect California from a dangerous new tax that threatens our economy, our savings, and our future.
News & Updates
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