The top 1% of Californians by income provide more than 45% of the state’s income tax revenue. With gambits like this proposed wealth tax, organized labor and its allies are doing everything they can to drive the golden geese from the Golden State.
A group of unions in California has proposed a new plan for paying for healthcare — soak the rich. That’s the idea behind the Billionaire Tax Act, a 2026 ballot initiative that would impose a 5% tax on the state’s billionaires in order to raise money for healthcare programs and providers.
Nothing contained in this blog is to be construed as necessarily reflecting the views of the Pacific Research Institute or as an attempt to thwart or aid the passage of any legislation.
‘Soak the Rich’ Won’t Rescue Calif. Healthcare
Sally C. Pipes
The top 1% of Californians by income provide more than 45% of the state’s income tax revenue. With gambits like this proposed wealth tax, organized labor and its allies are doing everything they can to drive the golden geese from the Golden State.
A group of unions in California has proposed a new plan for paying for healthcare — soak the rich. That’s the idea behind the Billionaire Tax Act, a 2026 ballot initiative that would impose a 5% tax on the state’s billionaires in order to raise money for healthcare programs and providers.
It’s a tragically short-sighted idea.
Read the entire op-ed in Newsmax.
Nothing contained in this blog is to be construed as necessarily reflecting the views of the Pacific Research Institute or as an attempt to thwart or aid the passage of any legislation.