California union proposes taxing billionaires to offset Medicaid cuts
THE ASSOCIATED PRESS — A major union announced a proposal Thursday to impose a one-time 5% tax on billionaires in California to address federal funding cuts to health care for low-income people.
Proponents, including the Service Employees International Union, hope to place the statewide measure before voters next year. The tax would be on the net worth of California’s richest residents. A small portion of the money would also help fund K-12 education since the federal government has threatened to withhold grant money from public schools.
Proponents of the initiative said it was critical to backfill cuts to Medicaid because lives are at stake.
“If we do not do this, millions of people are going to lose health care, an untold number of people will go without treatment and there will be tragedy after tragedy,” said Dave Regan, president of SEIU-United Healthcare Workers West.