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California’s Wealth Tax Escapees May Still Face Residency Audits
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Subscribe16 JUL 2026 / ACCOUNTING & TAXES
California is proposing a one-time 5% tax on billionaires whose assets exceed $1 billion. This move will be voted on in November and if approved, it aims to provide revenue to healthcare, food assistance, and education programs. However, it also presents concerns regarding residency identification, asset valuation, liquidity, and constitutional limits. On the other hand, Hawaii has chosen the conventional route of raising the top individual income tax rate from 11% to 13% starting in 2027, which poses much lesser administrative challenges.
A tax move can look clean on a spreadsheet and turn messy the moment a taxpayer books a flight. California and Hawaii now offer two different tests of the same fiscal instinct. When public costs rise and lawmakers need revenue, they often look upward. Haw...
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