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flag California groups seek a 2026 ballot tax on billionaires' 2025 wealth to fund health care and education.

flag California labor and health care groups are collecting signatures for a 2026 ballot initiative to impose a one-time 5% tax on the 2025 net worth of about 200 state billionaires, aiming to raise $100 billion. flag The revenue would fund health care and K-12 education, addressing projected federal Medicaid cuts that could leave 3.4 million people uninsured. flag The tax, which would allow payments over five years and target wealth established in 2025 regardless of future residency, faces opposition over concerns it could drive billionaires away and set a precedent for broader wealth taxes. flag Governor Newsom has not backed the measure, and the state continues to grapple with a $12 billion deficit and reduced services.

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