"State labor groups are calling for a one-time 5 percent emergency tax on several of California's wealthiest residents. "We are calling on California's approximately 200 billionaires to step up," said Renee Saldana, a spokesperson for SEIU United Health Care Workers West labor union. Many of those billionaires are heads of companies in Silicon Valley and San Francisco. If the proposal gets enough signatures, it will appear on the statewide ballot in November."
"SEIU-UHW says the tax would help close the gap on federal health care cuts. "Right now, a massive $100 billion cut is going to hit California's health care system when we roll into 2026," said Saldana. Supporters say the emergency billionaire tax will prevent a statewide health care collapse. "This would help keep ERs open, keep health care workers serving patients," said Saldana."
"Congressman Ro Khanna represents much of Silicon Valley. He supports the proposal, saying it will be good for American innovation. A spokesperson for Rep. Khanna wrote that the representative has "always supported a modest wealth tax on billionaires to deal with staggering inequality and to make sure people have healthcare." Governor Gavin Newsom says he opposes the wealth tax proposal. At the New York Times Dealbook conference earlier in December, he said California has to be pragmatic."
A proposed one-time 5 percent emergency tax on California's approximately 200 billionaires aims to raise up to $100 billion to close a projected $100 billion gap from federal health care cuts beginning in 2026. SEIU-UHW and allied labor groups argue the revenue would keep ERs open and sustain health care workers and services statewide. Supporters, including Rep. Ro Khanna, contend a modest wealth tax addresses inequality and protects healthcare and innovation. The measure would go to a statewide ballot if sufficient signatures are gathered. Governor Gavin Newsom opposes the proposal and urges a pragmatic approach amid concerns over economic impact and reports that some billionaires may threaten to leave the state.
Read at ABC7 San Francisco
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