"The comment comes as billionaires in the state have made public their intent to relocate elsewhere in the wake of the tax's proposal. Venture capitalist Peter Thiel, tech investor David Sacks, and Google co-founders Larry Page and Sergey Brin have all taken steps to leave. At the same time, billionaires are dishing out piles of cash to fund a campaign against the ballot initiative. Thiel made his biggest political contribution in years, donating $3 million to a California business group leading the fight against the billionaire wealth tax."
"The 2026 Billionaire Tax Act is a potential California ballot initiative that, if passed, would impose a one-time 5% wealth tax on residents with a net worth of $1 billion or more, targeting assets such as stocks, bonds, privately-held businesses, cash deposits, art, collectibles, and intellectual property rather than income."
""The fact is it actually will reduce investments in education," he said. "It will reduce investments in teachers and librarians, childcare. It will reduce investments in firefighting and police.""
A proposed 2026 Billionaire Tax Act would impose a one-time 5% wealth tax on residents with a net worth of $1 billion or more. The tax would target assets such as stocks, bonds, privately-held businesses, cash deposits, art, collectibles, and intellectual property rather than income. Proponents say the measure would raise roughly $100 billion over five years and help offset projected Medicare and Medicaid revenue losses of $66 billion–$128 billion. Opponents argue the tax could shrink the state tax base, reduce investments in education and public safety, prompt wealthy residents to leave, and spur large anti-tax donations.
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