CALIFORNIA — A new Nestpoint survey indicates that a sizable majority of likely California voters support a proposed one-time tax on billionaires’ wealth, even as governor Gavin Newsom voices his opposition.

According to the poll, about 60% of likely voters back a one-time 5% wealth tax on individuals with a net worth exceeding $1 billion. 

Even when respondents were presented with a range of economic risks, including potential job losses, and the possibility billionaires would leave the state, support for the measure remained high, at about 54%. 

The proposed ballot measure, backed by the Service Employees International Union-United Healthcare Workers West (SEIU-UHW), aims to raise an estimated $100 billion.

“We’re calling on California’s billionaires to step up and pay a one-time, emergency 5% tax to prevent the collapse of California healthcare and help fund California public K-14 education and state food assistance programs,” reads a statement on the SEIU-UHW website. 

To reach the November ballot, organizers must gather nearly 900,000 valid voter signatures.

Newsom opposes the tax

Despite the survey’s findings, Newsom has been a vocal critic of the wealth tax proposal, arguing that it could harm the state’s economy by pushing wealthy residents and businesses out of California.

Newsom has described the initiative as “bad economics.” 

He has argued that it would prompt an exodus of the ultra-wealthy from the state, resulting in a significant, long-term reduction in tax revenue, rather than solving structural fiscal challenges.

Newsom’s stance has aligned him with business and tech leaders who say the tax may undermine California’s competitive environment. 

Silicon Valley figures are heavily funding opposition to the proposed tax, with investors such as Peter Thiel ($3 million) and Ron Conway ($100,000) donating to efforts aimed at blocking the 2026 initiative.

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