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California's 5% Wealth Tax Proposal Faces Billionaire Backlash

2/22/2026

39 9 Full Breakdown

Summary

Story summary

Dave Regan, head of SEIU-United Healthcare Workers West, pushes a 5% wealth tax on California billionaires to raise $100 billion.
The measure requires 874,641 signatures to appear on the November ballot.
Supporters say it would fund healthcare after federal cuts.
Critics including Governor Gavin Newsom warn it could drive the wealthy from California.
Notable billionaires Sergey Brin and Peter Thiel have begun relocating assets.

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Story summary

Dave Regan, head of SEIU-United Healthcare Workers West, pushes a 5% wealth tax on California billionaires to raise $100 billion.
The measure requires 874,641 signatures to appear on the November ballot.
Supporters say it would fund healthcare after federal cuts.
Critics including Governor Gavin Newsom warn it could drive the wealthy from California.
Notable billionaires Sergey Brin and Peter Thiel have begun relocating assets.