California Union Proposes Tax on Billionaires
A major union has announced a proposal to impose a one-time 5% tax on billionaires in California to address federal funding cuts to health care for low-income people.
Proponents, including the Service Employees International Union, hope to place the statewide measure before voters next year. The tax would be on the net worth of California's richest residents.
- A small portion of the money would also help fund K-12 education.
- The federal government has threatened to withhold grant money from public schools.
Backers of the measure sent a request to Attorney General Rob Bonta to get approval to start collecting signatures.
The proposal would have to receive more than 870,000 signatures by next spring to qualify for the ballot in November 2026.
No comment from the billionaires or the government has been released yet.
Author's summary: California union proposes taxing billionaires.