California billionaires face proposed one-time wealth tax

California’s wealthiest residents could face a one-time 5% tax on their net worth under a new proposal aimed at replacing billions of dollars in federal funding cuts to healthcare.The measure – called the "2026 Billionaire Tax Act" – seeks to counter $30 billion in potential federal funding cuts to California's Medicaid program, with a portion of the revenue earmarked for public education, according to supporters, which include the Service Employees International Union (SEIU).Proponents of the measure sent a request to the California Attorney General’s Office on Oct. 21 to get approval to begi