qwant news | The SEIU declares war on California's tax base — and its economy AI generated summary, Read the full article for complete information. The Service Employees International Union (SEIU) is pushing the “2026 Billionaire Tax Act,” which would impose a one‑time 5 % tax on the net worth of California’s ultra‑wealthy, earmarking 90 % of the revenue for health‑care spending that directly benefits the union and its members. While the initiative has gathered enough signatures to qualify for the Nov. 3 ballot, critics argue the tax could trigger a new wave of billionaire exoduses—already seen with figures like Larry Page, Mark Zuckerberg, Sergey Brin, Larry Ellison and Peter Thiel—potentially costing the state $13 billion in personal‑income tax and up to $25 billion in broader economic revenue. The SEIU’s pursuit follows revelations of extensive Medi‑Cal fraud, yet opponents warn that the tax’s projected $100 billion revenue is unrealistic, and that wealthier residents will employ legal tactics to minimize liability, further depressing asset values and harming California’s economy for generations. Read more: https://nypost.com/2026/04/28/opinion/the-seiu-declares-war-on-californias-tax-base/ #SEIU #DaveRegan #Medi_Cal #UnitedHealthcare #LarryPage #MarkZuckerberg #SergeyBrin #LarryEllison #PeterThiel