The Daily Why Even Some Democrats Hate California’s Billionaire Tax Proposal
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Apr 29, 2026 
Laurel Rosenhall, a New York Times reporter covering California politics, unpacks a surprising fight over a proposed billionaire tax. She gets into why some Democrats are pushing back. She follows the union campaign behind it. She also explores billionaire exit moves, legal risks, ballot maneuvering, and Gavin Newsom’s delicate political balancing act.
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Why California’s Billionaire Tax Is So Unusual
- California’s proposal is unusual because it taxes billionaire net worth, not income, and earmarks 90 percent of revenue for health care.
- It targets residents as of January 1 and excludes residential property, while supporters say it would backfill Medicaid and Obamacare subsidy cuts.
Why Popular Support Has Not Unified Democrats
- Taxing billionaires polls well in California, but elite Democratic support is far shakier than the petition numbers suggest.
- Laurel Rosenhall says 1.5 million people signed, yet major Democrats and many unions still hesitate because of how the measure was designed.
A Maverick Union Drove The Tax Campaign
- The proposal came from SEIU-UHW, a hospital workers union worried Trump-era health cuts could close ERs and hospitals.
- Laurel Rosenhall says leader Dave Regan built it with economists and a ballot-initiative strategy, not a broad labor coalition.