Overview
- Reporting indicates Larry Page has discussed leaving California and entities linked to him filed incorporation papers in Florida, while Peter Thiel has explored spending more time out of state and opening another office for Thiel Capital.
- Backers’ plan would impose a retroactive, one-time tax of up to 5% on residents with over $1 billion in net worth as of January 1, 2026, payable over five years.
- Supporters estimate revenue could reach about $100 billion, with roughly 90% earmarked for healthcare and the remainder for food assistance and education-related programs.
- Gov. Gavin Newsom opposes the measure, while figures such as Bill Ackman and Chamath Palihapitiya warn it could drive entrepreneurs away; Rep. Ro Khanna has defended taxing the ultra-wealthy.
- The initiative has not yet qualified for the November 2026 ballot and needs about 874,641 valid signatures, with proponents yet to disclose reaching the 25% reporting threshold.