KQED's Forum Should California Impose a Tax on Billionaires?
Jan 21, 2026
Suzanne Jimenez, chief of staff at SEIU United Healthcare Workers West, advocates for a one-time 5% wealth tax on California billionaires to fund healthcare amid federal cuts. Marisa Lagos analyzes the political landscape, highlighting Governor Newsom's concerns that it might harm the economy. Tech reporter Ryan Mac discusses the mixed reactions from billionaires, including threats to relocate, and the financial complexities of taxing assets primarily held in stock. The conversation circles around wealth inequality and the implications for future tax policies.
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One-Time Tax To Cover Immediate Health Cuts
- Use a targeted, time-limited tax to plug an immediate budget hole rather than waiting for federal action.
- SEIU UHW proposes a one-time 5% billionaire tax payable over five years to cover health funding shortfalls.
Legal Durability And Retroactivity Risk
- Legal design matters because lawsuits and retroactivity claims are expected if the measure passes.
- Suzanne Jimenez says top legal experts shaped the initiative and payments would be required pending court decisions.
Moment Of Backlash Against Concentrated Wealth
- The proposal taps into broad public frustration about concentrated wealth and recent tax dynamics.
- Marisa Lagos notes the political moment amplifies reaction from both billionaires and voters.
