Overview
- Page has discussed leaving the state and entities linked to him filed incorporation documents in Florida, while Thiel has explored spending more time out of California and opening an out‑of‑state office, according to the New York Times reporting cited by multiple outlets.
- The proposed 2026 Billionaire Tax Act would levy a one-time 5% tax on California residents with net worth above $1 billion, apply retroactively to those living in the state on Jan. 1, 2026, and allow payment over five years.
- Backers say the measure could raise up to $100 billion, dedicating about 90% to healthcare and the rest to food assistance and education, while state analysts warn revenues could taper if wealthy residents depart.
- Proponents argue the tax would cover worldwide assets, as prominent critics including Bill Ackman and Chamath Palihapitiya warn of an exodus, Rep. Ro Khanna defends the plan, and some tech figures on X discuss backing a primary challenge against him.
- To qualify for the November 2026 ballot the initiative needs 874,641 valid signatures, and as of Saturday organizers had not reported reaching the 25% disclosure threshold.