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California's Billionaire Tax Act: $100B for Healthcare, Education

11/25/2025

Summary

Story summary

California is considering the 2026 Billionaire Tax Act, a one-time 5% tax on residents who are billionaires.
It aims to raise about $100 billion for healthcare and education following federal cuts to Medicaid and food aid.
The tax would apply to assets, excluding real estate, and be payable over five years.
Governor Gavin Newsom opposes the proposal amid Democratic Party divisions.
Around 200 billionaires could be affected, including Mark Zuckerberg.

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Story summary

California is considering the 2026 Billionaire Tax Act, a one-time 5% tax on residents who are billionaires.
It aims to raise about $100 billion for healthcare and education following federal cuts to Medicaid and food aid.
The tax would apply to assets, excluding real estate, and be payable over five years.
Governor Gavin Newsom opposes the proposal amid Democratic Party divisions.
Around 200 billionaires could be affected, including Mark Zuckerberg.