The 2026 Billionaire Tax Act is a proposed ballot initiative that would impose a one-time 5% excise tax on the accumulated wealth of California billionaires. The measure was brought forward by Suzanne Jimenez, the Chief of Staff for the healthcare labor union, Service Employees International Union-United Healthcare Workers West (SEIU-UHW). The proposal was motivated by the belief that establishing an emergency fund for Medi-Cal and its foundations would help mitigate a projected $19 billion annual loss resulting from federal funding cuts.

Read More