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California Post Opinion Editor Joel Pollak Joins ‘Varney & Co.’ to talk about the launch of the new conservative media, California’s media imbalance and a controversial San Francisco program that spent millions giving alcohol to homeless residents.
California voters appear prepared to lead the state’s remaining billionaires to the exit signs, and many say they are fully aware of the potential consequences.
A new poll found that 60 percent of likely voters support a flat wealth tax, even though a majority of those same respondents say the measure would cause a business exodus and cost local jobs.
Nestpoint’s February 2026 survey highlights what it describes as a contradiction, with 52 percent of respondents saying the tax would likely cost jobs and drive employers out of California. Even when presented with a “full battery” of economic risks, support for the wealth tax remained at 54 percent, the poll found.
The data also suggests that some Golden State voters prioritize perceived fairness over economic concerns, with 42 percent expressing concern about the potential fallout in Silicon Valley and 48 percent concerned about long-term income instability.
ONE OF AMERICA’S LARGEST UNIONS PUSHES MASSIVE CALIFORNIA TAX ON MILLIONAIRES
Another recent poll by the Mellman Group found 48 percent of voters support the estate tax, 38 percent oppose it and 14 percent are undecided. However, the Nestpoint survey reports a larger sample size, which may explain the higher levels of support.
Voters cast their ballots at a polling station at the Rickshaw Bagworks store in San Francisco, California, on Tuesday, March 3, 2020. (Getty Images)
Although the initiative has yet to receive the 875,000 signatures needed to qualify for the November ballot, the proposal, backed by the Service Employees International Union-United Healthcare Workers West, would impose a single tax of 5%. on the net worth of California residents with assets exceeding $1 billion.
The tax would be due in 2027, and taxpayers could spread the payments over five years, with additional costs, according to the California Legislative Analyst’s Office.
If voters approve the measure, anyone who was a California resident on Jan. 1, 2026, would have to pay the tax, according to the language of the proposal.
Former ‘Million Dollar Listing’ Star Josh Altman Joins ‘Varney & Co.’ to break down California’s slow post-fire rebuilding process and warn that a proposed wealth tax could drive billionaires and jobs out of the state.
California Governor Gavin Newsom doubled down on his opposition on the tax last week, warning that the plan could cut funding for schools, public safety and other basic services instead of solving the state’s budget challenges.
“I’m afraid of the way it’s been drafted,” Newsom said at a Bloomberg News event in San Francisco. “They loaded me with the facts. The fact is that it will actually reduce investment in education. It will reduce investment in teachers and librarians, childcare. It will reduce investment in fire and police,” he continued. “The impact of a single tax does not solve an ongoing structural challenge that has been exacerbated by the impacts of HR 1.”
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Corcoran Group agent Julian Johnston talks exclusively to Fox News Digital about the new wave of California billionaires migrating to South Florida due to a proposed estate tax.
Trevor Foreman, SEIU member and hospital safety officer in Sacramento, he told Fox News Digital in response: “California’s billionaires pay much lower tax rates than working families pay every paycheck. And soon, massive federal health funding cuts in 2026 will collapse key parts of California’s health care system.”
“Local hospitals and emergency rooms will close their doors forever because billionaires insist on paying less than the rest of us,” Foreman said.
In addition, Foreman warned that millions of businesses could face higher health insurance premiums, which he said could lead to layoffs in a number of industries as employers absorb the increased costs of coverage.
