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California union proposes taxing billionaires to offset Medicaid cuts
The proposed tax aims to raise $100 billion to offset federal Medicaid cuts threatening coverage for 3.4 million Californians and support K-12 education funding.
- On Thursday, the Service Employees International Union announced a one-time 5% tax proposal on billionaires' net worth in California.
- Amid federal reductions in Medicaid funding, the California Budget and Policy Center says the state could lose $30 billion annually, leaving up to 3.4 million people without coverage.
- Backers asked Attorney General Rob Bonta this week to approve signature gathering, needing more than 870,000 signatures for the November 2026 ballot, with funds from tax year 2026.
- If it qualifies for the ballot it is not guaranteed to pass, and Democratic Governor Gavin Newsom has previously opposed tax hikes aimed at the wealthy, creating political uncertainty.
- Supporters argue billionaires have an obligation to help, warning `millions of people are going to lose health care`, and a small portion would fund K-12 public schools in California.
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Redwood City PulseShould billionaires pay more? California unions want voters to decide
This story was originally published by CalMatters. Sign up for their newsletters. For years, Gov. Gavin Newsom has staunchly opposed increasing taxes on wealthy Californians even when the issue repeatedly reared its head during recent tough budget years. But faced with deep federal cuts to social services programs, labor and health care groups are asking […] The post Should billionaires pay more? California unions want voters to decide appeared …
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Total News Sources65
Leaning Left8Leaning Right7Center43Last UpdatedBias Distribution74% Center
Bias Distribution
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74% Center
14%
C 74%
12%
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