"The survey, released this month in partnership with the Los Angeles Times, found that 52% of California's registered voters support a proposed one-time 5% tax on the net worth of the state's roughly 200 billionaires, while 33% oppose it."
"To design the tax, the union tapped UC Berkeley economist Emmanuel Saez, who calculated that American billionaires currently pay just 1.3% of their wealth in taxes, down from 3.1% under President Ronald Reagan."
"The California Billionaire Tax Act didn't come from a politician but from a union. SEIU-United Healthcare Workers West, representing 120,000 healthcare workers, filed the ballot initiative in October 2025 with a specific crisis in mind: federal Medicaid cuts threatening to strip healthcare from more than 3 million working-class Californians."
An estimated 938 billionaires exist in the U.S., with a significant majority of voters wanting them to pay their fair share. A recent poll shows 52% of California voters support a proposed one-time 5% tax on the net worth of the state's billionaires. The California Billionaire Tax Act, initiated by a healthcare workers' union, aims to address federal Medicaid cuts affecting millions. Economist Emmanuel Saez calculated that billionaires currently pay only 1.3% of their wealth in taxes, a decrease from 3.1% during Reagan's presidency.
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