Wealth tax

Newsom has already vowed to tank a proposed ballot initiative that would impose a 5% wealth tax on the state’s billionaires to bolster Medi-Cal. Progressive lawmakers and their allies in labor and health seem hopeful that Newsom could support a different long-shot funding idea.

Labor and health care groups are collecting signatures to put a measure that would levy a one-time 5% tax on the wealth of about 200 billionaires in California.