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.
90 Articles
90 Articles
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.
Santa New Mexican
The Washington PostRich people are leaving California, inspired by tech founders’ online campaign
In late December, White House official and tech investor David Sacks made a cryptic post on X: “Message received,” he wrote, above a photo of anti-billionaire demonstrators gathered in front of his San Francisco mansion.
Fox Business
The New York LedgerBillionaires flee California ‘within seven days’ over proposed wealth tax: Inside the Miami migration
EXCLUSIVE: The realization hit fast — and the response was even faster.As California’s proposed "billionaire tax" began gaining momentum late last year, some of the wealthiest people in the country didn’t wait for ballots, lawmakers or court challenges — they moved. "Then a couple more flew into Miami, bought properties and closed within seven days," luxury real estate broker Julian Johnston of The Corcoran Group told Fox News Digital. "So then …
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