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3h ago

California Billionaire Tax Drive Triggers Tech Backlash as Newsom Leads Opposition

The union-backed proposal seeks a one-time 5% levy on residents worth at least $1 billion to shore up health care funding.

U.S. Sen. Bernie Sanders, I-Vt., speaks during Mayor Zohran Mamdani's inauguration ceremony, Thursday, Jan. 1, 2026, in New York. (AP Photo/Andres Kudacki)
California Gov. Gavin Newsom speaks during his State of the State address Thursday, Jan. 8, 2026, in Sacramento, Calif. (AP Photo/Godofredo A. Vásquez)
FILE - A woman walks by a giant screen with a logo at an event at the Paris Google Lab on the sidelines of the AI Action Summit in Paris, on Feb. 9, 2025. (AP Photo/Thibault Camus,File)
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Overview

  • Organizers must gather over 870,000 valid signatures for the 2026 ballot as political activity intensifies around the measure.
  • Gov. Gavin Newsom has vowed to defeat the proposal, aligning with business groups that warn of a wealth and investment exodus.
  • Opposition funding has grown, including a reported $3 million contribution from Peter Thiel to a committee tied to the California Business Roundtable.
  • The measure would apply retroactively to those residing in California as of Jan. 1, raising potential residency and enforcement disputes.
  • SEIU-United Healthcare Workers West, the sponsor, faces scrutiny over its capacity and finances, with filings showing more than $68 million in assets and a history of unsuccessful health care initiatives.