cross-posted from: https://lemmy.ml/post/40950623
Stephen Prager
Dec 28, 2025US Rep. Ro Khanna defended California’s proposed tax on extreme wealth Saturday after a pair of prominent Silicon Valley venture capitalists threatened to launch a primary bid for his California House seat.
The proposal, which advocates are gathering signatures to place on the ballot in 2026, would impose a one-time 5% tax on those with net worths over $1 billion to recoup about $90 billion in Medicaid funds stripped from the state by this year’s Republican budget law. The roughly 200 billionaires affected would have five years to pay the tax.
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They’re whining too much. Make it a recurring tax. If they keep whining, make it 8%. See how far they want to take it.
