The ‘billionaire tax’ would hurt those it is supposed to help

Opinion The ‘billionaire tax’ would hurt those it is supposed to help By Ahmad Thomas Published June 19, 2026, 9:45 p.m. ET See more of our coverage in your search results. Add The California Post on Google California’s next governor won’t be chosen until November, but the debate over a proposed wealth tax is already defining the race. In the primary debates, candidates from both parties were pressed on whether California should impose a one-time 5% wealth tax on billionaires. What’s most notable: Deep skepticism cuts across party lines about the tax’s design, consequences and impact on our state’s competitiveness.

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