California Proposes One-Time Billionaire Tax For Healthcare

California labor union SEIU-UHW has launched a signature drive for the Billionaire Tax Act, a one-time levy up to 5% on individuals and trusts with assets over $1 billion, applying to residents as of Jan. 1 with payments due in 2027. Backers estimate roughly $100 billion—90% for health care—while Gov. Gavin Newsom and polls showing under 50% support warn of wealthy departures and revenue risks.