Tax The Rich Ballot Measures Face Voters in California and Washington This November

Nearly 14% of Americans in California and Washington will vote on two distinct 'tax the rich' measures in the November 2026 midterm elections. California's Proposition (Billionaire Tax Act) would impose a 5% annual wealth tax on residents with over $1 billion in net worth, projected to raise $100 billion but facing opposition from Governor Newsom and concerns about capital flight and constitutionality. Washington's measure asks voters whether to repeal a recently passed 9.9% tax on income over $1 million. The outcomes are seen as a barometer of public sentiment on taxing extreme wealth, with analysts sharply divided on the economic consequences.