US EditionBillionaires threaten to leave California if 5% wealth tax is imposed
- Service Employees International Union–United Healthcare Workers West is leading efforts to place the 2026 Billionaire Tax Act on the November ballot, which would impose a one-time 5% tax on assets over $1 billion retroactive to Jan. 1, 2026 if approved by California voters.
- Supporters say the measure would raise revenue to help offset federal healthcare funding cuts, with polls showing 74% support among Democrats and 58% overall, according to Pew Research Center.
- Opponents warn the tax would apply to unrealized gains, forcing founders with over $1 billion in paper net worth to pay on illiquid stock; Palmer Luckey said, `I made my money from my first company, paid hundreds of millions of dollars in taxes on it, used the remainder to start a second company that employs six thousand people and now me and my cofounders have to somehow come up with billions of dollars in cash.`
- Democratic Rep. Ro Khanna has embraced a wealth tax in California and restated support, prompting criticism from Silicon Valley donors including associates of Andreessen Horowitz and Y Combinator.
- The measure could prompt founders and capital to relocate, reshaping California's innovation economy; a resident with $20 billion would owe a one-time $1 billion tax, and Gavin Newsom opposes billionaire taxes.
66 Articles
66 Articles
Hastings Tribune
union-bulletin.comWill billionaires really leave California? Why wealth tax backers aren’t worried
SACRAMENTO, Calif. — The mere threat of a billionaire tax landing on the California ballot in 2026 has already prompted some of the state’s ultra-wealthy to move their residences and assets elsewhere, according to one tax adviser.
California's Proposed 5% Wealth Tax Prompts Billionaire to Plan Exodus from State
This is the truth: the American promise was always a straightforward deal. You work hard, you build something, you innovate, and you get to enjoy... The post California’s Proposed 5% Wealth Tax Prompts Billionaire to Plan Exodus from State appeared first on Patriot Journal.
California Wealth Tax Sparks Billionaire Exit Alarm
California faces a growing political and economic clash as the state’s proposed 2026 Billionaire Tax Act — a one-time 5 percent wealth levy on residents with more than $1 billion in assets — ignites resistance from major tech and crypto leaders warning of business flight and broader innovation decline. Opponents argue that targeting unrealized gains and massive valuations harms entrepreneurship and could push key founders and capital out of the …
Newsbug.info
Proponents of tax on billionaires to start getting signatures
(The Center Square) – The union backing a proposed tax on California's billionaires is gearing up to start gathering signatures in January to put the initiative on the ballot, a representative told The Center Square on Monday.
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