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Thiel, 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.
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DECRYPTAGE - Several figures of American technology including Peter Thiel, co-founder of Palantir and PayPal or Larry Page, Google's, would have moved some of their assets to Florida.
·Paris, France
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Billionaires threaten to leave California over proposed wealth tax – 4 arguments lawyer Alex Spiro made in letter to Newsom
Billionaires warn of leaving California over a proposed 5% wealth tax as lawyer Alex Spiro challenges the plan in a letter to Governor Gavin Newsom.
·Uttar Pradesh, India
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Coverage Details
Total News Sources88
Leaning Left10Leaning Right25Center17Last UpdatedBias Distribution48% Right
Bias Distribution
- 48% of the sources lean Right
48% Right
L 19%
C 33%
R 48%
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