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California Proposes Billionaire Tax to Fund Healthcare

3/2/2026

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Summary

Story summary

A California campaign is pushing a wealth tax on billionaires to fund healthcare amid federal cuts.
The plan would impose a one-time 5% tax on billionaire assets, including real estate and art, supported by unions and Senator Bernie Sanders.
Governor Gavin Newsom opposes the proposal.
Similar movements are forming in Washington and Texas.
Polls show significant public support for taxing billionaires.

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Story summary

A California campaign is pushing a wealth tax on billionaires to fund healthcare amid federal cuts.
The plan would impose a one-time 5% tax on billionaire assets, including real estate and art, supported by unions and Senator Bernie Sanders.
Governor Gavin Newsom opposes the proposal.
Similar movements are forming in Washington and Texas.
Polls show significant public support for taxing billionaires.