Source: Fox News
“California’s wealthiest residents could face a one-time 5% tax on their net worth under a new proposal aimed at replacing billions of dollars in federal funding cuts to healthcare. The measure (called the ‘2026 Billionaire Tax Act’) seeks to counter $30 billion in potential federal funding cuts to California’s Medicaid program, with a portion of the revenue earmarked for public education, according to supporters, which include the Service Employees International Union (SEIU). Proponents of the measure sent a request to the California Attorney General’s Office on Oct. 21 to get approval to begin collecting signatures. Supporters of the measure argue that around 200 billionaires in California hold about $2 trillion in wealth, but the state’s other 19 million taxpayers pay ‘a much larger portion’ of their true income.” (10/30/25)
https://www.foxbusiness.com/lifestyle/california-billionaires-face-one-time-wealth-tax