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Wealthy California residents could face a one-time tax of 5% on their net worth under a new proposal that aims to replace billions of dollars in health care spending.
The measure – called the “2026 billionaire tax Act” – seeks to limit $30 billion in cuts to the California Medicaid Program, according to supporters, including the Service Employees International Union (Seiu).
Proponents of the measure sent a petition to the California Attorney General’s Office on Oct. 21 to get permission to start collecting signatures.
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Billionaires in California could face a one-time 5% tax on their net worth under a new proposal aimed at freezing billions of dollars in federal health care funding. (Stock / istock)
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Proponents of the measure say California’s roughly 200 billionaires hold nearly $2 trillion in wealth, but some 19 million taxpayers pay “a much larger portion” of their real income.
“If we don’t do this, millions of people will lose health care, an untold number of people will go without treatment and there will be tragedy after tragedy,” said the NewWeek President.
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The measure will need to pass more than 870,000 signatures next spring to be placed on the November 2026 Ballot, Realtor.com reported.
If done, California’s wealthiest residents, including tech executives like CEO Mark Zuckerberg and Nvidia CEO Jensen Huang, could face huge costs.
The proposal also comes as the state continues to face an exodus from low-tax states like Florida.
Between 2023 and 2024, more Americans left California than any other State, Newsweek reported, based on data from the US Census Bureau.
If enacted, the measure would have imposed huge debts on some of California’s wealthiest residents, including tech executives like Mark Zuckerberg. (Tom Williams / CQ-Roll call, Inc Via Images)
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Earlier this year, President Donald Trump signed into law this one big budget bill, which involves spending $1.2 trillion in spending over ten years, mostly from burning health care programs.
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The Service Aff International Union did not immediately respond to Fox Business’ request for comment.
FOX Business’ Eric Resell and Kristen Altus contributed to this report.
