California’s proposed one-time 5 percent wealth tax on residents with net worth exceeding $1 billion has advanced rapidly toward the November 2026 ballot after supporters submitted more than 1.55 million signatures in late April, nearly double the roughly 875,000 needed for qualification. State election officials are now verifying those signatures, with a deadline of June 25, positioning the measure to clear the threshold with high probability. The initiative, backed by the Service Employees International Union–United Healthcare Workers West and framed as emergency funding for healthcare, K-14 education, and food assistance amid federal program cuts, faces organized opposition including from Governor Gavin Newsom and competing measures, yet the signature surge remains the dominant factor shaping trader assessments of ballot placement.