California's Billionaire Tax Act proposes a one-time 5% tax on the total wealth of residents with a net worth of $1 billion or more, targeting those as of January 1, 2026. The measure could appear on the November general election ballot and aims to generate revenue amid budget concerns. Tax attorneys note the short timeline leaves little room for billionaires to relocate and establish residency elsewhere, likely sparking legal challenges. For details, see CNBC coverage.

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