""We are facing literally a collapse of our health care system here in California and elsewhere," Regan said. "This will help us keep health care facilities open. It will stabilize premiums and coverage for all Californians, protect health care jobs, and also improve public education.""
""shameful.""
""One Big Beautiful Bill Act""
A proposed initiative would tax the 2025 net worth of California billionaires, payable over five years, with 90% of revenue for health care and 10% for K‑12 education. Organizers need 874,641 signatures to qualify for the 2026 ballot and say they can reach that number, though voter approval could be difficult. The levy targets net worth—including investments, property, jewelry, and paintings—rather than income; California has taxed millionaire incomes but never enacted a wealth tax. Governor Gavin Newsom opposes a wealth tax and quashed a recent legislative effort. Federal Medicaid cuts under the "One Big Beautiful Bill Act" are projected to total nearly $1 trillion over a decade, with California facing roughly $30 billion in annual losses and potential coverage losses for millions.
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