WHATEVER HAPPENED TO “TAX THE RICH?” Gavin Newsom opposes California ‘billionaire tax’ as he eyes 2028 White House bid.

If enacted, tech titans like Meta CEO Mark Zuckerberg and Nvidia’s Jensen Huang could see colossal tax bills running in the billions. Five percent of Huang’s estimated net worth is equivalent to roughly $8 billion, and Zuck’s tax bill could total more than $12 billion.

The revenues are intended to fund health care services and the state’s struggling school system, according to supporters.

Backers of the billionaire tax, who include the SEIU United Healthcare Workers West, Los Angeles nonprofit St. John’s Community Health and former US Secretary of Labor Robert Reich, claim it’s needed in light of federal funding cuts to Medi-Cal and other health care programs.

But: “Supporters of the billionaire tax, dubbed the “2026 Billionaire Tax Act,” have filed paperwork with the Attorney General’s Office and must gather 874,641 signatures to place it on the November 2026 ballot.”