Proponents of California's proposed 2026 Billionaire Tax Act, a citizen-initiated measure imposing a one-time 5% wealth levy on residents with net worth above $1 billion to fund healthcare, education, and food assistance programs, recently submitted nearly 1.6 million signatures for the November ballot—nearly double the roughly 875,000 valid signatures required. This volume of support, gathered by the SEIU United Healthcare Workers West and allies in response to anticipated federal program cuts, has advanced the initiative to the verification stage with election officials, driving strong trader consensus on qualification. The measure now faces standard signature validation and potential legal review before the June deadline, though its substantial over-collection reduces major procedural hurdles.