Supporters of California's proposed one-time 5% wealth tax on residents with net worth exceeding $1 billion submitted more than 1.55 million signatures in late April 2026, exceeding the roughly 875,000 required to qualify the citizen-initiated measure for the November 2026 ballot. The initiative, backed by healthcare unions and framed to offset projected funding shortfalls in Medi-Cal and related programs, cleared the attorney general review process last year and now awaits official certification. Opposition groups have begun raising funds to challenge the proposal, yet the substantial over-submission of verified signatures has driven trader consensus toward an 87.5% implied probability that the measure will reach voters. Certification remains the final procedural hurdle before placement on the ballot.