Billionaire tax measure heads to California’s November ballot, with Kern County watching

BAKERSFIELD, Calif. (KBAK/KBFX) California voters will face a high-profile “billionaire tax” measure on the November ballot, a proposal supporters say would raise new revenue, but critics warn could push some of the state’s wealthiest residents to leave.

If passed, the measure would impose a one-time 5% tax on California billionaires living in the state as of Jan. 1, 2026.

Tal Eslick, owner of Vista Consulting, said, “I think there is this effort, especially on the part of progressive state leaders, to somehow, you know, go after billionaires or maybe even the trillionaires that may exist in the future.”

Political analysts say a proposal like this could encourage some of California’s wealthiest residents to relocate, potentially taking investment and business activity with them.

Eslick said, “And for that matter, they can come back occasionally to visit and do a little bit of business, but live in a state that is a little more accommodating for them from a tax standpoint.”

Questions have also been raised about what the impact could be for Kern County if billionaires leave the state.

Sherod Waite, CEO of Moneywise Guys, said, “It’s questionable how much revenue would actually be generated from the tax and how much revenue would be lost from those people exiting the state. It’s questionable. It’s a gamble.”

Waite said billionaires leaving could reduce state revenue that could be used in Kern County.

Billionaire tax measure heads to California’s November ballot, with Kern County watching (AP Photo/Jeff Chiu, File)

“Think of all the support services that the state offers to the entire state, including us here in Kern County, that are paid for by tax dollars,” he said.

Gov. Gavin Newsom has been outspokenly against a state wealth tax and is instead proposing a national tax policy that would tax anyone with a net worth of $100 million.

Newsom said, “It’s time for a national billionaire’s tax and a new social contract. Just think of this, just ten percent of people own 2/3’s of the nation’s wealth.”

Eslick said Newsom’s position can be difficult to square.

“It’s a naturally confusing sort of position to be opposed to the tax in California but be supportive of it at a national level. But I think that’s him walking a treacherous political road,” he said.

Billionaire tax measure heads to California’s November ballot, with Kern County watching (AP Photo/Jae C. Hong, File)

In a statement regarding the measure, Assemblyman Stan Ellis said in part, “This would hurt Kern’s energy, Agriculture, manufacturing, and working families through lost investment, fewer jobs and unstable state funding.”