California Union Proposes Taxing Billionaires
California voters may decide next year on a one-time tax on billionaires to offset federal funding cuts to healthcare.
A major union has proposed a 5% tax on billionaires in California to address funding cuts to healthcare for low-income individuals.
- The tax would apply to the net worth of California's richest residents.
- A portion of the funds would also support K-12 education, as the federal government has threatened to withhold grant money from public schools.
Proponents, including the Service Employees International Union, hope to place the statewide measure before voters next year.
To qualify for the ballot in November 2026, the proposal must receive over 870,000 signatures by next spring.
Author's summary: California union proposes billionaire tax.