Event Brief
Proposed CA wealth tax sparks debate over billionaires
By The BriefBrief · Sources (2)
Filed: Aug 23, 2026 at 10:00 AM ET
Summary: California voters in November will decide whether to pass Proposition 40, a one-time 5% tax on the assets of nearly 250 billionaires. Union leaders say the revenue would backfill healthcare funding cuts, while tech moguls are funding a campaign to defeat the measure.
WHO: SEIU United Healthcare Workers West President Dave Regan; union leaders supporting Proposition 40; tech moguls opposing the measure
WHAT: A proposed ballot measure (Proposition 40) would impose a one-time 5% tax on the assets of nearly 250 California billionaires to help fund healthcare services.
WHEN: Aug 23, 2026
WHERE: California
WHY: The measure is intended to backfill healthcare funding cuts from a 2025 federal tax and spending bill, which backers say could leave millions of patients without insurance.
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