California Billionaires Brace for a Taxing Proposal – Will They Pay Up?

The winds of change in California are stirring up quite the storm, as a major union proposes a once-in-a-lifetime 5% tax on billionaires to counter the devastating cuts to Medicaid. With potential revenues soaring to $100 billion, supporters argue this tax could save lives and even provide much-needed funds for K-12 education. Not too shabby for a little extra accountability from those with deep pockets, right?

However, don’t start counting your billion-dollar bills just yet. To get this on the ballot in November 2026, proponents must gather over 870,000 signatures by spring. That’s no small feat! And if you think the rich are just going to sit tight and let this happen without a hitch, think again. Governor Gavin Newsom, who has a history of opposing tax hikes, could create some turbulence for this initiative.

Dave Regan, president of SEIU-United Healthcare Workers West, argues that “millions of people” could lose their health care if action isn’t taken. So, while some billionaires might be opening their checkbooks for this noble cause, others are probably looking for a way to hide their cash under a mattress. Let’s be real—taxing the rich can often feel like convincing a cat to take a bath. Will they step up to help?

What do you think—should billionaires in California pay more taxes to support healthcare and education? Or is it time to let them keep their treasure? Chime in!