"A major union announced a proposal Thursday to impose a one-time 5% tax on billionaires in California to address federal funding cuts to health care for low-income people. 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."
"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. The initiative says it's designed to make the State tax system more equitable. The big tax and spending cuts law President Donald Trump signed earlier this year will cut more than $1 trillion over a decade from Medicaid and federal food assistance."
A union-backed initiative proposes a one-time 5% tax on the net worth of California billionaires to replace federal funding cuts to low-income health care. The Service Employees International Union and other proponents plan to seek voter approval in November 2026 and must collect more than 870,000 signatures by next spring and obtain Attorney General approval to begin signature gathering. A portion of revenue would support K-12 education to offset threatened federal grant withholdings. Backers estimate $100 billion in revenue, with taxes applied to 2026 and funds potentially appropriable beginning in 2027. State estimates show possible large federal Medicaid funding losses and coverage reductions.
Read at www.mercurynews.com
Unable to calculate read time
Collection
[
|
...
]