California’s wealthiest residents could face a one-time 5% tax on their net worth under a new proposal aimed at replacing billions of dollars in federal funding cuts to healthcare.

The measure – called 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 revenue earmarked for public education, according to supporters, which include the Service Employees International Union (SEIU).

Proponents of the measure sent a request to the California Attorney General’s Office on Oct. 21 to get approval to begin collecting signatures.

Supporters of the measure argue that around 200 billionaires in California hold about $2 trillion in wealth, but the state's other 19 million taxpayers pay a "much

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