First-of-its-kind emergency billionaire tax ballot initiative filed to prevent a statewide healthcare system collapse
New approach could offer a national playbook for other states facing hospital closures in face of looming Medicaid cuts
WHAT: A virtual press conference announcing both the official filing and the public launch of a statewide ballot initiative that would enact an emergency, one-time 5% emergency tax on California billionaires to stabilize the state’s healthcare system. Speakers will outline the scale of the federal healthcare cuts now facing California and describe how the resulting shortfall is projected to impact hospitals, clinics, long-term care providers, and the frontline workforce.
WHO (Confirmed & Invited):
Prof. Robert Reich, former U.S. Secretary of Labor
Prof. Emmanuel Saez, University of California, Berkeley
Jim Mangia, CEO of St. John’s Community Health, Los Angeles
Frontline California healthcare workers
Additional special guests (TBA)
WHY: California is facing approximately $100 billion in federal healthcare funding cuts over the next five years. The reductions were advanced by Republicans in Congress as part of a broader effort to protect existing tax advantages for the ultra-wealthy, shifting the burden onto patients, providers, and communities.
Analysts warn the resulting shortfall could trigger a cascading collapse in access to care -- including shuttered services, longer wait times, staffing losses, and reduced capacity for working families. The initiative would replace the lost funding through an emergency, one-time tax on Californians with more than $1 billion in wealth -- about 200 individuals statewide. A smaller portion of the revenue would be used to shore up K-12 public education funding which is expected to see direct and indirect impacts from looming federal cuts.
WHEN: Thursday, October 23, 2025, 9:00 A.M. Pacific Time
WHERE: Virtual press conference, Credentialed media only. Please use this form to request link/credential for virtual press conference. Link will be provided by email shortly before event time.
RSVP: Credentialed media must RSVP to receive the secure link and briefing materials.
BACKGROUND FOR REPORTERS
The shortfall stems from Medicaid and related federal healthcare cuts advanced by the Republican-controlled Congress, aimed at preserving tax advantages for billionaires and ultra-high-wealth households.
For California, the cuts total roughly $100 billion over five years.
Without replacement funding, analysts warn California could see:
Closure or contraction of hospital and clinic services
Reduced long-term care capacity
An estimated 145,000 lost healthcare jobs
Strained access to care for working families across the state
The proposed ballot initiative would raise $100 billion through a one-time emergency tax on Californians with more than $1 billion in total wealth -- approximately 200 individuals.
No new taxes on the middle class, small businesses, or homeowners.
STATEMENTS
“California is facing a manufactured crisis. These federal cuts didn’t happen by accident -- they were designed to shield billionaires from contributing while pushing the consequences onto patients and workers. A time-limited emergency tax on the ultra-wealthy is a practical way to keep the healthcare system functioning.” - Robert Reich, former U.S. Secretary of Labor
“We are already short-staffed, and every week more patients walk through our doors with fewer places to go. If these cuts take effect without replacement funding, it won’t just mean longer lines -- it means people won’t be able to get care when they need it.” - Mayra Castanada, Ultrasound Technologist in Lynwood, CA
“These federal reductions don’t just strain budgets — they ripple through every part of the healthcare system, from primary care to emergency services. Patients will lose their health insurance. People will wait longer to see their doctors, to access the emergency room and to receive critical services. And healthcare workers will lose their jobs. This common-sense and necessary measure is essential to protecting our healthcare and preventing a collapse of our state healthcare system.” - Jim Mangia, CEO of St. John’s Community Health
"The wealth of California billionaires has exploded in recent years while health and education in California are getting defunded by the Trump administration. A first-of-its-kind one-time 5% tax on California billionaires can bring substantial tax revenue--$100 billion--to the state. The tax is small relative to the massive gains billionaires have made yet large enough to preserve programs that are crucial for California's economy and its continued success." – Professor Emmanuel Saez, University of California, Berkeley
“The Patriotic Millionaires support the proposed 2026 California ballot measure that would enact a one-time, 5% tax on the state’s billionaires. This is a common-sense solution that ensures the richest in California pay back into a system that enabled their success and hopefully inspires other states and cities around the country to do the same. There are many problems to fix in our beautiful state, and country. This measure will not solve everything. But it is a good and important step in the right direction, and the Patriotic Millionaires are proud to see it get off the ground today.” – Tim Disney, on behalf of Patriotic Millionaires
Paid for by Save California Health Care and Public Education, Sponsored by Service Employees International Union – United Healthcare Workers West