California weighs a billionaire tax to stabilize Medicaid amid federal cuts
TL;DR Summary
California debates a one-time 5% tax on assets over $1 billion to cover Medi-Cal costs lost to federal Medicaid cuts (OBBBA), while opponents warn it could drive billionaires out and weaken the economy; supporters view it as a needed fix for wealth inequality, with signature drives and a high-stakes November vote amid a broader political and business backlash.
- California mulls a billionaire tax, revealing a deeply divided state Al Jazeera
- Billionaires’ Low Taxes Are Becoming a Problem for the Economy The Wall Street Journal
- California Wealth Tax Opponents Intensify Efforts Before Bernie Sanders Visit - The New York Times The New York Times
- Bernie Sanders and Gavin Newsom become adversaries over push to tax California billionaires Associated Press News
- GOP lawmaker proposes measure to block key element of proposed California wealth tax Los Angeles Times
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