California Offers Billionaires: Wealth Tax

Elite individuals living in California may face a one-time wealth tax of 5% as part of efforts to improve the state's financial situation. This new regulation is encompassed in a proposal called the 2026 Billionaire Tax Law, aimed at addressing federal cuts to health funds.

Behind the proposal lies an estimated budget deficit of around $30 billion within the state's Medicaid program. The goal is to create a liability on the wealth accumulated by the rich, encouraging them to contribute to the rest of society.

Additionally, part of the revenue generated from this tax will be directed towards public education projects in California. This aims to help improve the state's education system and provide financial support to schools that are in greater need of resources.

This legislative proposal particularly attracts the attention of billionaires in California, while raising questions about the impact of changes in the tax structure on the wealthy. Changes in the state's revenue policies are being seen as part of an effort to enhance social equality.

Experts emphasize that such laws are crucial for providing social benefits and regulating how vast wealth is distributed. It is expressed that a state with a large economy like California plans to strengthen both its health system and education sector through this proposal.