{"id":375451,"date":"2026-06-26T05:17:16","date_gmt":"2026-06-26T05:17:16","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/375451\/"},"modified":"2026-06-26T05:17:16","modified_gmt":"2026-06-26T05:17:16","slug":"california-voters-to-decide-billionaire-tax-measure-in-november","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/375451\/","title":{"rendered":"California voters to decide billionaire tax measure in November"},"content":{"rendered":"

California voters will consider a controversial proposal in November to temporarily raise taxes on billionaires after the labor union backing the measure announced Thursday it would forge ahead despite pressure from critics to withdraw it.<\/p>\n

The proposal, backed by the Service Employees International Union Healthcare Workers West, would impose a one-time 5% tax on individuals whose net worth exceeds $1 billion and who were living in the state as of Jan. 1, 2026. The goal is to generate $100 billion in revenue, mainly to fund the state\u2019s Medicaid system after federal cuts.<\/p>\n

\u201cI am all in on this,\u201d union President Dave Regan said on a Zoom call, adding that opponents of the proposal are \u201ctotally out of touch.\u201d<\/p>\n

Democratic Gov. Gavin Newsom<\/a> and many traditional allies of the union oppose the measure. They argue it is a temporary fix for an ongoing problem and that it would push the ultrawealthy to leave the state, taking the money they would contribute in income taxes with them. Newsom, who is considering a presidential run as he prepares to leave office in January, has generally opposed tax increases during his time as governor.<\/p>\n

A coalition of healthcare, education and housing groups \u2014 including the California Medical Association and California School Boards Association \u2014 banded together last week to fight the tax.<\/p>\n

\u201cThe dangerous wealth tax directly threatens vital funding for education and schools, healthcare and clinics, public safety, and infrastructure projects by making California\u2019s revenue even more volatile,\u201d the coalition said in a statement.<\/p>\n

Brian Brokaw, a Newsom political adviser who is leading a political committee opposing the tax, said it would \u201cmake California\u2019s biggest challenges worse.\u201d<\/p>\n

\u201cDriving away the state\u2019s sustainable tax base for a one-time grab is bad policy and an even worse deal for 40 million Californians who will be left holding the bag,\u201d he said in a statement.<\/p>\n

Under the proposal, the state would spend the money generated from the tax over multiple years. The nonpartisan Legislative Analyst\u2019s Office estimates that the proposal would generate tens of billions of dollars in the first few years, but that income tax revenues would subsequently decline by hundreds of millions of dollars annually.<\/p>\n

Many of the Silicon Valley tech moguls who oppose the measure have already moved their assets to other states or threatened to do so to avoid the possible tax. They have also spent millions to try to defeat it.<\/p>\n

\tRecommended<\/p>\n

\"MS<\/p>\n

\u00a9\u00a02026 Versant Media, LLC<\/p>\n

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