Representative Ro Khanna, a Democrat from California, during a news conference outside the US Capitol in Washington, DC, US, on Tuesday, Nov. 18, 2025.
With about 10 months to go before the 2026 elections, one of the hot-button topics in California has become a proposal to tax billionaires.
New polling released Tuesday found that supporters of the Billionaire Tax Act face a tough fight in trying to convince voters in reliably liberal California. The proposal, which is currently collecting signatures to be added to the November ballot, calls for a one-time 5% tax on the total wealth of state residents, as of Jan. 1, 2026, with a net worth of a least $1 billion
The proposed tax initiative starts out with 48% in support and 38% opposed, with 14% undecided, according to the Mellman Group, which was hired by Republican strategist Mike Murphy of Kensington Avenue Strategies to conduct the poll on behalf of interested parties, including some high net worth individuals.
The survey, conducted from Jan. 6-12, included responses from 800 voters representing the likely November 2026 electorate in California.
Mellman said the group tested the official title and summary that will appear in voting materials, and noted that ballot initiatives that start below 50% struggle to succeed.
After those surveyed were given positive and negative information about the proposal, support dropped to 46% and opposition increased to 44%. Voters expressed concerns that the measure might hurt the state's economy and potentially cost jobs.
"There's no love for billionaires," Murphy said during a media briefing Tuesday. "But there are severe doubts among voters about whether or not this measure will deliver what it promises."