It would impose a one-time, 5% tax on the assets of billionaires who resided in the state as of Jan. 1, 2026. In a statement, the 750,000-member union noted revenue from the “one-time tax proposal [is] dedicated 90% to healthcare,” echoing concerns from other unions opposed to the measure. “Trump’s ‘Big, Ugly Bill’ slashed funding for healthcare in California to pay for more billionaire tax breaks. Photo caption: Members of the SEIU-United Healthcare Workers West attended the Billionaire Tax Now rally on Feb. 18, 2026, in Los Angeles. (SEIU-United Healthcare Workers West/Facebook)_______©2026 Los Angeles Times.