Source: Fortune
Summary
A new poll from UC Berkeley’s Institute of Governmental Studies 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. The tax, known as the California Billionaire Tax Act, was filed by SEIU-United Healthcare Workers West and aims to address federal Medicaid cuts threatening to strip health care from over 3 million working-class Californians. The bill would impose a one-time, 5% levy on the worldwide net worth of any individual worth more than $1 billion who was a California resident as of Jan. 1, 2026. Meanwhile, Sen. Bernie Sanders and Rep. Ro Khanna have proposed a similar 5% tax on billionaires nationwide.
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The numbers tell one story.
The California Billionaire Tax Act is just one of two measures aimed at billionaires, with Sen. Bernie Sanders and Rep. Ro Khanna proposing a similar 5% tax on billionaires nationwide. The California tax would impose a one-time, 5% levy on the worldwide net worth of any individual worth more than $1 billion who was a California resident as of Jan. 1, 2026. The tax is projected to generate $100 billion over five years, with 90% going towards healthcare and 10% towards education and food assistance. Meanwhile, the $30-an-hour minimum wage campaign is gaining momentum, with bills introduced in several states.
One thing is clear: the billionaires are not going to pay for it willingly.
Author: Evan Null
