There are two sources of income tax audits in California: those initiated by the State of California Franchise Tax Board (FTB) and those based on audits conducted by another agency, such as the IRS.
On October 22, 2025, a ballot initiative titled the “2026 Billionaire Tax Act” was filed with the California Attorney General. An amendment to the initiative was filed on November 26, 2025. The ...
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California admits ‘billionaire tax’ would sink state revenues as advocates cleared to gather signatures
While supporters argue California’s controversial wealth tax would rake in tens of billions of dollars in revenue, the state’s own Attorney General Rob Bonta is making sure voters understand that the ...
Forbes contributors publish independent expert analyses and insights. Robert W. Wood is a tax lawyer focusing on taxes and litigation. California has long been the land of high taxes. Its top 13.3% ...
The Billionaire Tax Act would impose a one-time tax of 5% on the total wealth of California tax residents whose net worth is $1 billion or more.
A proposed billionaire wealth tax in California is sparking debate over whether the measure, if passed, would lead to more harm than good if ultrawealthy residents in the state flee to other locales.
While supporters argue California’s controversial wealth tax would rake in tens of billions of dollars in revenue, the state’s own Attorney General Rob Bonta is making sure voters understand that the ...
California could be saying bye-bye to billions in tax revenue if voters approve a controversial wealth tax on the state’s roughly 200 billionaires. Ultra-wealthy taxpayers are actively making plans to ...
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