Sacramento created California’s budget problem — billionaire tax won’t fix it

Proponents of California’s proposed Billionaire Tax Act have a story to tell: President Donald Trump and the Washington Republicans cut health care, and so the “billionaire tax” is the necessary response.

Then there’s the reality, which we describe in a new paper from the Hoover Institution.

Our analysis looks at what Trump’s “One Big, Beautiful Bill” actually does to Medi-Cal, and whether the...