"Proponents, including the Service Employees International Union, hope to place the statewide measure before voters next year. The tax would be on the net worth of California's richest residents. A small portion of the money would also help fund K-12 education since the federal government has threatened to withhold grant money from public schools. Backers of the measure sent a request to Attorney General Rob Bonta this week to get approval to start collecting signatures."
""If we do not do this, millions of people are going to lose health care, an untold number of people will go without treatment and there will be tragedy after tragedy," said Dave Regan, president of SEIU-United Healthcare Workers West. Billionaires would have to pay for tax year 2026, and the money could start being appropriated in 2027. The tax would generate $100 billion in revenue for the state, backers say."
Proposal would impose a one-time 5% tax on the net worth of California billionaires to backfill federal cuts to Medicaid and to partially fund K-12 education. Backers including SEIU seek to place the measure before voters and have requested approval from Attorney General Rob Bonta to begin collecting signatures. The initiative requires more than 870,000 signatures by next spring to qualify for the November 2026 ballot and would tax the 2026 tax year with appropriations beginning in 2027. Backers project $100 billion in revenue. The California Budget and Policy Center estimates federal changes could cost the state about $30 billion annually and jeopardize coverage for millions.
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