California’s proposed one-time 5 percent wealth tax on individuals and couples with net worth above $1 billion has advanced significantly toward the November 2026 ballot. Proponents from SEIU United Healthcare Workers West submitted more than 1.5 million signatures in late April 2026, substantially exceeding the roughly 875,000 valid signatures required for qualification. State officials are scheduled to complete verification by late June, and the large surplus collected makes formal certification probable absent major disqualifications. While opponents including business groups have signaled plans to challenge the measure in court or campaign against it, the signature threshold has been cleared through standard initiative procedures, driving trader consensus that the proposal will appear for voter consideration.