California voters will consider a measure in November to raise taxes on billionaires
Backers say the measure would raise $100 billion over several years for Medicaid and other services, while opponents warn it could drive wealthy residents away.
- On Thursday, proponents of a California billionaire tax measure vowed to move forward with their November ballot initiative despite mounting opposition from political forces and business leaders.
- The Service Employees International Union Healthcare Workers West proposed a one-time 5% tax on individuals with net worth exceeding $1 billion to generate $100 billion for Medicaid after federal healthcare funding cuts.
- Google co-founder Sergey Brin donated $82 million to the Building a Better California committee, part of a coalition that raised more than $118 million from fewer than a dozen donors opposing the tax.
- Two 'poison pill' ballot initiatives also qualified for November, including measures barring new personal property taxes, while Democratic Gov. Gavin Newsom continues opposing the primary billionaire tax proposal.
- Critics warn the measure could increase California's budget volatility, while supporters argue the 2026 midterm election must prioritize flipping Congress to counter President Trump's final two years in office.
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A growing divide is emerging among California Democrats after Governor Gavin Newsom unveiled his support for a national billionaire tax while continuing to oppose a similar proposal in his own state. Representative Ro Khanna quickly criticized the governor’s position, accusing Newsom of trying to have it both ways by supporting higher taxes on the wealthy at the federal level while rejecting California’s own billionaire tax initiative. Newsom re…
California voters to decide on groundbreaking billionaire wealth tax | Honolulu Star-Advertiser
SACRAMENTO, Calif. >> Californians will vote in November on a groundbreaking plan to impose a one-time tax on the wealth of billionaires, with most of the money going to healthcare, according to the union pushing the measure.
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