Overview
- The proposed ballot measure would levy a one-time 5% tax on Californians with net worths above $1 billion, using a Jan. 1, 2026 residency test.
- State filings show an entity tied to Sergey Brin terminated or relocated 15 California LLCs, while more than 45 linked to Larry Page moved or became inactive, alongside Page’s recent Miami property purchases.
- Peter Thiel donated $3 million to the California Business Roundtable, bolstering a coordinated campaign to defeat the proposal.
- Newsom argues the measure is harming the state and has pledged to stop it as signature gathering proceeds for a potential November 2026 vote.
- A poll reported by the New York Post found initial majority support dropped to 41% after voters heard arguments, with opposition rising to 53%.