Episode Details

California’s poised to put a bold new billionaire tax on the ballot— a one-time 5% levy on ultra-wealthy residents worth over $1 billion, aiming to raise $100 billion for Medicaid, food aid, and education. With over 875,000 verified signatures, it’s officially headed to voters in November unless withdrawn. While Bernie Sanders supports it, Governor Newsom and powerful groups like the California Medical Association fiercely oppose it, fearing it could drive billionaires out and hurt long-term revenue. Opponents are already pouring millions into the fight—Sergey Brin alone contributed $82 million—raising over $118 million total from a tiny donor base. Meanwhile, lawmakers are pushing alternative revenue ideas, like extending healthcare provider taxes, and have explicitly ruled out the billionaire tax in current budget talks.

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