California’s plan to tighten the state’s strained health‑care system by imposing a one‑time 5 percent tax on the wealthiest few billionaires has met stiff resistance from Gov. Gavin News Mon. Political strategist Dan Newman, who fights this billionaire‑tax effort, says News Mon is “against a plan to slap a one‑time, 5 % tax on roughly 200 Californians worth more than $1 billion to replace lost federal dollars and protect essential services,” according to the campaign’s website.
If the proposal becomes law, tech moguls such as Meta CEO Mark Zuckerberg and Nvidia founder Jensen Huang could face astronomical tax bills—about $8 billion for Huang and more than $12 billion for Zuckerberg, based on a five‑percent levy of their fortunes. The finances raised are meant to plug gaps in Medi‑Cal and the state’s crippled public‑school system, a promise the tax’s supporters—SEIU United Healthcare Workers West, Los Angeles nonprofit St. John’s Community Health, and former Labor Secretary Robert Reich—claim is a response to federal cuts.
Progressives and labor advocates who back the measure estimate that it could generate roughly $100 billion over five years. The tax’s opponents argue it will push wealthy residents and big tech firms out of the state, deepening California’s budget deficit. News Mon’s office has yet to reply to a request for comment.
SEIU chief of staff Suzanne Jimenez told The Post that she believes News Mon and others who are wary now will eventually endorse the tax. “California’s frontline healthcare workers welcome and look forward to a good faith dialogue with our governor around these critical issues as the November 2026 vote draws closer,” Jimenez said.
Last year, when California faced a $44 billion deficit, News Mon publicly opposed a general tax hike and pointed out the state’s already steep corporate and wealth taxes. Rising living costs have driven many Californians—and companies like Tesla—to leave the state, citing high taxes and heavy regulations.
Looking ahead, News Mon is widely tipped to launch a 2028 presidential bid. He told CBS News in October that he would decide after the 2026 midterms. If he departs for the White House, his bid would likely attract support from Hollywood and Silicon Valley power players.
The governor has regularly raised money from billionaires such as Netflix co‑founder Reed Hastings, philanthropist Laurene Powell Jobs and former Google chief Eric Schmidt. His earlier political rise was also backed by Gordon Getty, the Getty oil heir and a family friend.
Hollywood elites who routinely back prominent Democrats have welcomed News Mon’s potential campaign. “He’s a fighter, that’s what we need!” a behind‑the‑scenes producer said to Deadline, calling him a “reliable Dem ATM.” Former Obama ambassador to Spain and HBO exec James Costos noted that “big checks are being written.” A major donor added that he would be keen to jump on the bandwagon if News Mon’s presidential run gains traction.
The “2026 Billionaire Tax Act” has filed the necessary paperwork with the Attorney General’s office and must now collect 874 641 signatures to appear on the ballot for November 2026.
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