Movie star chef Andrew Gruel joined ‘Varney & Co.’ to blast Gov. Gavin Newsom’s insurance policies, warning California’s center class is disappearing as residents flee the state and companies face ‘demise by a thousand cuts.’
California’s wealthiest residents may face a one-time 5% tax on their web value beneath a brand new proposal aimed toward changing billions of {dollars} in federal funding cuts to healthcare.
The measure – known as the “2026 Billionaire Tax Act” – seeks to counter $30 billion in potential federal funding cuts to California’s Medicaid program, with a portion of the income earmarked for public training, in response to supporters, which embrace the Service Staff Worldwide Union (SEIU).
Proponents of the measure despatched a request to the California Legal professional Basic’s Workplace on Oct. 21 to get approval to start gathering signatures.
WEALTHY CALIFORNIANS ARE FLEEING THE STATE, PUTTING TAX REVENUE AT RISK
Billionaires in California may quickly face a one-time 5% tax on their web value beneath a brand new proposal aimed toward changing billions of {dollars} in federal funding cuts to healthcare. (iStock / iStock)
BUSINESSMAN-TURNED-GUBERNATORIAL CANDIDATE REVEALS HOW DEM REGULATIONS DESTROYED HIS FAMILY’S COMPANY
Supporters of the measure argue that round 200 billionaires in California maintain about $2 trillion in wealth, however the state’s different 19 million taxpayers pay a “a lot bigger portion” of their true earnings.
“If we don’t do that, tens of millions of individuals are going to lose well being care, an untold variety of folks will go with out therapy and there will probably be tragedy after tragedy,” Dave Regan, president of SEIU-United Healthcare Staff West, mentioned in an announcement, in response to Newsweek.
CALIFORNIANS TEMPTED TO LEAVE IT ALL BEHIND FOR MIAMI’S SCORCHING REAL ESTATE MARKET
The measure would wish to garner greater than 870,000 signatures by subsequent spring to be able to be positioned on the November 2026 poll, Realtor.com reported.
If enacted, California’s wealthiest residents, together with tech executives like Meta CEO Mark Zuckerberg and Nvidia CEO Jensen Huang, may face large payments.
The proposal additionally comes because the state continues to grapple with inhabitants outflows to lower-tax states equivalent to Florida.
Between 2023 and 2024, extra People left California than another state, Newsweek reported, citing Census Bureau information.
If enacted, the measure may ship large payments to a few of California’s richest residents, together with tech executives like Mark Zuckerberg. (Tom Williams/CQ-Roll Name, Inc by way of Getty Photographs)
“Miami represents a brand new begin, a refreshing reset. I believe that it is a spot the place insurance policies, economics and way of life align collectively very properly,” Mast Capital CEO Camilo Miguel, Jr., whose firm is growing the Cipriani Residences Miami and The Perigon Miami Seaside, lately informed Fox Information Digital.
Earlier this 12 months, President Donald Trump signed into legislation the One Massive Stunning Invoice Act, which incorporates about $1.2 trillion in spending cuts over a decade, largely from modifications to spending on healthcare applications.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The Service Staff Worldwide Union didn’t instantly reply to FOX Enterprise’ request for remark.
FOX Enterprise’ Eric Revell and Kristen Altus contributed to this report.