California Advocates Propose Billionaire Tax After Gavin Newsom Cuts Media Funds

California advocates launched the 2026 Billionaire Tax Act to raise $100 billion through a one-time 5% wealth tax on approximately 200 residents worth over $1 billion.The revenue would support the Medi-Cal healthcare system following $30 billion in federal cuts from the USA, though Gavin Newsom and tech leaders like Larry Page oppose the measure.This funding push coincides with budget cuts to the California Civic Media Fund, threatening a local journalism support deal previously established with Google.