A campaign led by the Service Employees International Union–United Healthcare Workers West (SEIU-UHW) has successfully collected over 1.55 million signatures to qualify the California Billionaire Tax Act for the ballot. This proposed legislation would impose a one-time 5% tax on the net worth of approximately 200 billionaires residing in California, with payments due in 2027 and the option to spread payments over five years. Supporters argue that the tax is essential to address cuts to Medicaid and other health programs, emphasizing its importance for maintaining emergency services and healthcare facilities. However, critics, including California Governor Gavin Newsom, have expressed concerns that the tax could lead to the loss of 108,000 high-paying jobs and a decrease in state tax revenues as wealthy individuals relocate their assets or businesses out of the state. Notable billionaires who have already moved include Google co-founders Larry Page and Sergey Brin, and Meta's Mark Zuckerberg. The outcome of the ballot measure could significantly impact California's economy and healthcare funding.