US EditionThiel Gives $3 Million to Fight California Wealth Tax
Peter Thiel contributed $3 million to oppose a 5% one-time wealth tax on California billionaires expected to raise $100 billion for state programs, amid ongoing signature gathering.
- This past week the '2026 Billionaire Tax Act' was unveiled, proposing a one-time 5% levy on California billionaires, payable over five years, introduced by the Service Employees International Union-United Healthcare Workers West.
- Right now the initiative remains short of the 874,000 signatures needed to reach the November ballot, and Governor Gavin Newsom does not support it.
- At least six ultrawealthy Californians have moved or reorganized assets, with Larry Page, Google co-founder, buying Miami’s Coconut Grove estates for about $173.4 million and filing over 45 companies to move or become inactive last month.
- Despite claims it would fund education and health care, critics warn the tax could spur capital flight and reduce revenue, splitting Democrats between Rep. Ro Khanna and Governor Gavin Newsom.
- California's decision could shape Democratic politics nationally because of the state's outsized influence, as nearly every Organisation for Economic Co-operation and Development country that enacted wealth taxes later repealed them and only four still have them.
106 Articles
106 Articles
Proposed billionaires' tax in California rattles Silicon Valley, entangles Gov. Newsom
A proposed billionaires' tax in California has ignited a political uproar in Silicon Valley, with tech titans threatening to leave the state while Democratic Gov. Gavin Newsom maneuvers to defeat a levy that he fears will lead to an exodus of wealth.A technology mecca, California has more billionaires than any other state — a few hundred, by some estimates. Nearly half its personal income tax revenue, a financial backbone in the nearly $350 bill…
Gavin Newsom blasts proposed California billionaire tax
Gov. Gavin Newsom (D-CA) has vowed to use his political power to stop a proposed 5% wealth tax on billionaires, even if that means going against his own party and angering unions in the process. The healthcare workers’ union that has been pushing the measure claims it is necessary to offset the cuts caused by President Donald Trump’s tax bill and argues that hospital closures and job losses could be on the horizon if the state doesn’t see a mas…
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