US EditionProposed Billionaires’ Tax Fuels Political Backlash and Exit Threats in California
The proposed 5% tax aims to fund health care and education but has prompted billionaire relocations, with supporters seeking over 870,000 signatures to qualify for the 2026 ballot.
- By June 24, supporters must collect nearly 875,000 signatures to place the SEIU-UHW-backed Billionaire Tax Act on the November ballot, a one-time 5% levy on fortunes above $1 billion that supporters say would raise $100 billion.
- Proponents say the measure would fund healthcare, housing, and behavioral-health capacity, citing over 200 billionaires and $2.2 trillion in collective wealth in California.
- Several billionaires and firms have opened out-of-state offices or moved assets, with Peter Thiel's firm opening a Miami office and David Sacks opening an Austin office on Dec. 31, while Larry Page and Sergey Brin cut ties to California.
- The LAO cautioned the state could lose hundreds of millions annually if wealthy residents depart, while Governor Gavin Newsom vowed to block the measure and aides Dan Newman and Brian Brokaw formed an opposition committee.
- Budget analysts warn that without new revenue, 3.4 million Medi-Cal beneficiaries could lose coverage and rural hospitals could close; the governor's Jan. 9 budget includes $500 million for homeless services and may change by May.
97 Articles
97 Articles
Headline: Kara Swisher whines about tech billionaires escaping California tax
Kara Swisher, a journalist known for extremely negative coverage of tech figures like Elon Musk, is really, really mad that the billionaires of Silicon Valley have figured out one neat trick to avoid paying California’s proposed massive wealth tax: they’re simply going to leave the state.
Tech CEOs, Founders React to Proposed California Billionaire Tax
A number of CEOs and founders of major tech companies across California are opposed to a ballot initiative proposing a one-time tax on billionaires. The California “Billionaire Tax Act” is a ballot initiative that seeks to impose a 5 percent personal wealth tax on residents who have a net worth of over $1 billion in certain types of assets and live in the state as of Jan. 1, 2026. Revenue generated from the tax is intended to fund health care, f…
California’s wealth tax is testing the limits of progressive politics
Will California implement a wealth tax on its billionaires? The plan has been gaining traction in the state legislature — and while it is some way off becoming law, some billionaires seem to think it will. This week, real estate broker Julian Johnston told Fox News that he’s working directly with three billionaires moving from California to South Florida, where there is no income tax for those who reside there fewer than 183 days of the year. Wh…
$1 Trillion Flees California’s Billionaire Tax
The proposed billionaire tax has caussed $1 trillion in potential tax revenue to flee California. The billionaire tax would require California residents worth over $1 billion to pay a one-time 5% fee on all assets, including unrealized gains. Google co-founder Larry Page fled the state and took his $276 billion net worth with him. Page moved his family office, Koop LLC, from California to Delaware and began purchasing property in Florida at the …
California Progressives Push Wealth Tax on Billionaires, Citing Migrant Voter Power
Remember the American Dream? It was a simple deal: you work hard, you innovate, you succeed, and you get to keep what you earn. Sounds... The post California Progressives Push Wealth Tax on Billionaires, Citing Migrant Voter Power appeared first on Patriot Journal.
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