California's billionaire tax: What's at risk for the biggest state economy in America

California voters will decide in November 2026 on a one-time 5% wealth tax on billionaires, the first such U.S. measure. Supporters, including professor David Gamage, argue it will fund healthcare and maintain living standards. Opponents, including Governor Gavin Newsom and both major party candidates, warn it could drive wealthy residents and businesses out of the state, harming competitiveness. A state study predicts initial revenue in the tens of billions but potential annual losses of hundreds of millions from departures. Norway's experience with wealth taxes shows unclear long-term effects. Nvidia CEO Jensen Huang said he is 'perfectly fine' with the tax, while Google's Sergey Brin funds opposition lobbying.