US EditionThiel, Page Prep California Exits as Wealth Tax Heads to Ballot
Thiel Capital expands to Miami's Wynwood amid a proposed 5% one-time wealth tax on billionaires in California targeting about 200 residents, union says it could raise $100 billion.
- 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.
83 Articles
83 Articles
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Business Insider
DNyuzThiel Capital, founded by billionaire Peter Thiel, opens a new office in Miami as California debates a wealth tax
Thiel Capital, founded by the billionaire tech investor Peter Thiel, opens a new Miami office amid California's proposed wealth tax debate.Marco Bello/Getty ImagesThiel Capital opened a new Miami office amid California's proposed wealth tax debate.Peter Thiel, who founded Thiel Capital, bought a home in the area in 2020.A healthcare workers' union floated a 5% tax on CA residents with net worths exceeding $1 billion.Thiel Capital is expanding in…
Peter Thiel opens Miami office as California billionaires prepare to flee over wealth tax
Thiel Capital, the PayPal co-founder's investment firm, is opening a new office in Miami as reports surface that he is especially peeved about the 5% wealth tax that could hit him with a $1.2 billion bill.
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