Service Employees International Union-United Healthcare Workers West

California's proposed 5% wealth tax on residents with over $1 billion in assets has drawn public opposition and relocation actions from billionaires like Larry Page and business leaders such as Bill Ackman and Ben Horowitz. The tax, backed by a labor union to address budget deficits, is set for a 2026 ballot vote and faces criticism for potentially discouraging entrepreneurship and expropriating private property.

California hospitals and health workers union agreed to remove two competing initiatives from the November ballot, but a one-time 5% tax on billionaires to fund healthcare remains on the ballot. The deal, brokered by the California Federation of Labor Unions, resolves disputes over executive pay limits and union political spending caps.

California hospitals and the state’s largest health workers union agreed to remove two competing initiatives from the November ballot, but a one-time 5% tax on billionaires remains on the ballot to fund healthcare. The deal, brokered by the California Federation of Labor Unions, resolves disputes over executive salary caps and union political spending limits.

A California union's initiative to tax billionaires to fund healthcare and other programs qualified for the ballot, facing opposition from Governor Gavin Newsom and Silicon Valley allies. The proposed tax would generate $100 billion, with 90% allocated to healthcare and 10% to education and food assistance.