Several states are dealing with ballot measures tied to taxing the rich — and there may be even more initiatives on this front in 2028 Americans are keeping a close eye on their everyday costs as they get ready to vote Nov. 3 or as they cast their ballots early. Millions of voters are also eyeing the riches of the nation’s top 1%. Affordability has dominated voters’ worries as the midterm elections draw closer.
A flip side to such kitchen-table concerns is also in focus: Wealth is on the ballot. In California, a ballot measure before voters would levy a one-time tax of 5% on the wealth held by billionaires who lived in the state as of Jan. 1, 2026. The tax could be the first of its kind in the country — if it passes and survives legal challenges.
Meanwhile, Colorado voters are deciding whether people making more than $500,000 a year should pay steeper state income taxes. And in Washington state, voters will consider whether to repeal a newly enacted 9.9% tax on households that earn over $1 million. Don’t Short Yourself offers weekly money tips to help you earn it, stack it and grow it.
I would like to receive updates and special offers from Dow Jones and affiliates. I can unsubscribe at any time. The votes come after lawmakers this year in three Democratic-leaning states — Maine, Hawaiiand Rhode Island — established higher income taxes on millionaires.
The wealth-related measures also arrive against a backdrop of economic frustration and uncertainty. Worker pay hasn’t grown as fast as prices for months. Nationally, the average price for a gallon of gas is around $4.30, which burns deep in drivers’ minds.
And people are tense about their job prospects, with many staying where they are for now because hiring is tepid. The state-level votes will test whether Americans think tax-the-rich approaches are part of the solution to their problems. Especially with California’s Proposition 40, there’s an “increased sense of urgency” due to the power and money clustering at the top, said Carl Davis, research director at the Institute on Taxation and Economic Policy, a left-leaning think tank.
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