California Voters to Decide on Billionaires Tax to Fund Healthcare

Proposed measure would impose one-time tax on state's wealthiest to prevent hospital closures

Apr. 8, 2026 at 1:06am

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A dimly lit hospital room with a single bed in the center, the room bathed in warm, golden light streaming through the window, creating deep shadows and a sense of solitude and melancholy.As California's healthcare system teeters on the edge of collapse, a proposed tax on the state's billionaires offers a lifeline to struggling hospitals and families.Gilroy Today

This November, Californians will vote on a proposed Billionaires Tax that would impose a small, one-time tax on the global wealth of the state's roughly 200 billionaires. The goal is to prevent hospital closures and cuts to Medi-Cal services that are impacting healthcare workers and families who rely on the state's Medicaid program.

Why it matters

As a healthcare worker in Silicon Valley, the author is witnessing the impact of hospital closures and Medi-Cal cuts firsthand. These changes disproportionately affect working families and those who rely on public healthcare, while the state's billionaires remain largely untaxed on their growing wealth.

The details

The Billionaires Tax would target California's roughly 200 billionaires to raise funds and prevent further healthcare system cuts. This comes as the state faces $100 billion in federal healthcare funding reductions over five years to pay for tax cuts for the ultra-wealthy.

  • This November, Californians will vote on the proposed Billionaires Tax.
  • President Trump's 'Big Beautiful Bill' is siphoning $100 billion from California's healthcare system over five years.

The players

Yvonne Esquivel

A medical assistant at Kaiser Permanente in Gilroy, California and a single mother of three boys, one of whom is autistic and relies on Medi-Cal services.

California's Billionaires

The roughly 200 billionaires in California whose global wealth would be subject to a small, one-time tax under the proposed Billionaires Tax.

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What they’re saying

“No parent should have to choose between a second job and making sure their child gets the care they need. No healthcare worker should have to wonder whether the system they show up for every day will survive the year.”

— Yvonne Esquivel, Medical Assistant

What’s next

Californians will vote on the proposed Billionaires Tax this November.

The takeaway

This case highlights the growing divide between the ultra-wealthy and working families in California, as billionaires' untaxed fortunes continue to grow while the healthcare system that many rely on faces severe cuts. The Billionaires Tax offers a practical solution to fund critical public services.