Topic · 2 reports

California taxes

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Kiley requests HHS block California healthcare MCO tax redesign raising private premiums

Jul 24, 2026

Forbes Breaking News aired Rep. Kevin Kiley (R-CA) criticizing Gov. Newsom and the legislature over the 2026-27 budget's healthcare tax redesign. Kiley described it as the largest tax increase in state history per the California Tax Foundation, specifically a massive hike on health plans that would raise private premiums by up to $400 yearly. He argued voters had barred such increases and announced a letter from the California delegation requesting HHS block the measure, which requires federal approval.

▶ Source: Forbes Breaking News

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Fox Business segment examines California billionaire tax proposal and LA mayoral primary

Jun 18, 2026

The segment opens with discussion of the recent Los Angeles mayoral primary, noting Spencer Pratt's strong showing with roughly one-fourth of the vote despite not advancing. It then pivots to the California billionaire tax initiative, described as a one-time 5% tax on net worth above $1.1 billion that has qualified for the November 2026 ballot and is projected to raise $100 billion. Real estate broker Josh Altman predicts passage, warns of an exodus of billionaires already underway, and forecasts revenue losses far exceeding the tax yield due to departures, job impacts, philanthropy, and venture capital shifts. He notes client inquiries about selling homes and leaving the state.

▶ Source: Fox Business