Proposed Billionaire Tax Act Would Fill Funding Hole Left by the “One Big Ugly Bill” for Health Care and Food Assistance
Generally, billionaires pay a miniscule amount of their income to support the places where they make all their money. To address budget deficits in critical sectors by focusing on the accumulated wealth of the state's richest residents, the California Billionaire Tax Act, proposed for the November ballot, is designed to impose a one-time, 5% tax on the total net worth of residents exceeding $1 billion (https://billionairetaxnow.org/) . It potentially will raise roughly $100 billion, approximately the same amount taken back by the Republican Congress last year. Real estate, pensions, and retirement accounts are to be excluded from the tax calculation.
Impacting approximately 200 of the state’s wealthiest individuals, the tax is scheduled to be calculated as of January 1, 2026, and due in 2027 to fund healthcare and public services. Payment can be spread over five years. Approximately 90% of the funds are earmarked for healthcare services, with the remainder for education and food assistance.
Senator Bernie Sanders recently kicked off the campaign, but the initiative has not yet qualified for the ballot.
We need more signatures on the ballot petitions: there will be people with petitions at the weekly Trump Regime Takedown protests, Saturdays from noon - 2 pm at the Tesla dealership at 999 Van Ness Avenue at O’Farrell.
Please sign it, and also help us gather more signatures by volunteering.