California Proposes One-Time 5% Wealth Tax on Billionaires to Fund Medicaid Gap

A proposed California ballot measure aims to implement a one-time 5% wealth tax on the state's billionaires, a move designed to address a significant Medicaid funding shortfall. The tax, which would apply to approximately 200 individuals based on their 2025 residency, has sparked debate regarding its potential impact on incentives for high-net-worth individuals to remain in the state.

Kelsey Piper, a prominent commentator, highlighted the core of this debate, stating in a recent tweet, "> "since it's a one-off tax, don't worry, it won't cause a change to incentives to live in our state."