"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."
The Service Employees International Union filed a proposal for a one-time 5% tax on the net worth of billionaires in California to offset federal Medicaid funding cuts and to help fund K-12 education. The measure targets tax year 2026 with appropriations potentially starting in 2027 and is projected to raise about $100 billion. Backers requested Attorney General approval to begin collecting signatures and must gather more than 870,000 valid signatures to qualify for the November 2026 ballot. Analysts estimate federal changes could cut over $1 trillion nationally and cost California about $30 billion a year in Medicaid funding, risking coverage losses for millions.
Read at ABC7 San Francisco
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