California policymakers are flirting with an idea that's sparking debate: a proposed one‑time 5% tax targeting billionaires. The so-called "wealth tax" is intended to raise tens of billions for health care and other public services in the Golden State.
The proposal, backed by the Service Employees International Union–United Healthcare Workers West (SEIU‑UHW) and Congressman Ro Khanna (D-Ca.-17), but opposed by California Gov. Gavin Newsom, would apply to individual residents with more than $1 billion in wealth as of January 1, 2026.
