Desperate Times: A Call to Action
A proposed ballot initiative in California aims to tax the wealth of billionaires to stabilize Medicaid, amidst sharp federal cuts.
If we do not do this … there will be tragedy after tragedy.
The initiative proposes a 5% tax on California billionaires to raise $100 billion and offset projected federal Medicaid cuts starting in 2027. According to Dave Regan, a union leader and proponent of the measure, this is the "only solution anyone can see".
The measure's supporters claim that the collective wealth of California's 200 billionaires is around $2 trillion, and a one-time tax on a fraction of this wealth is a necessary step to prevent tragedy.
Author's summary: Californians face tragedy if Medicaid funding is cut.
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