Overview
- SEIU–UHW has begun collecting roughly 874,000 signatures to place the 2026 ballot measure, which would be retroactive to January 1, 2026.
- The proposal lets taxpayers spread payments over five years with a 7.5% annual nondeductible charge on any unpaid balance, with supporters estimating up to $100 billion in revenue.
- Nvidia CEO Jensen Huang said he is “perfectly fine” with the tax and intends to keep operating in Silicon Valley because of its talent pool.
- Several tech figures have moved to protect or shift operations, with Peter Thiel opening a Miami office, David Sacks opening an Austin office, and Larry Page restructuring entities outside California.
- State leaders remain divided, with Gov. Gavin Newsom and San Jose Mayor Matt Mahan opposed and Rep. Ro Khanna supportive, as SEIU disputes claims of mass flight and the Legislative Analyst’s Office warns of potential long‑term revenue erosion if relocations occur.