Resolution supporting the passage of the 2026 Billionaire Tax Act, a statewide initiative to implement a tax on the 2025 net worth of billionaires who live in California, over 200 people who altogether have a combined wealth of nearly $2,000,000,000,000; the collected revenue would go to fund health care programs and public education.

• This is a resolution by the San Francisco Board of Supervisors expressing support for a statewide ballot initiative, not enacting a local tax.
• The initiative, named the "2026 Billionaire Tax Act," proposes a one-time 5% tax on the 2026 net worth (valued December 31, 2026) of California residents with over $1 billion in wealth (approx. 200 individuals).
• It is estimated to generate $100 billion in revenue, with 90% allocated to health care programs and 10% to K-12 public education.
• The tax can be paid as a lump sum with 2026 income taxes or in five equal annual installments with a 7.5% deferral charge on the unpaid balance.
• Key exemptions include directly held real property and most qualified pension/retirement accounts.

The San Francisco Board of Supervisors is considering a resolution to formally support the 2026 Billionaire Tax Act, a proposed statewide ballot initiative. This initiative would implement a one-time 5% tax on the 2026 net worth of approximately 200 California billionaires (those with over $1 billion in wealth), aiming to generate an estimated $100 billion in revenue. The collected funds would be primarily dedicated to health care programs (90%) and K-12 public education (10%), with payment options including a lump sum or five annual installments.

If passed statewide, this initiative could significantly increase funding for health care programs (especially for low-income residents) and public education across California, potentially benefiting San Francisco residents through improved services.

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