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3w ago

Newsom Moves to Kill California’s Billionaire Tax as Opposition Funding Grows

The governor is leading an organized campaign to block the union-backed proposal.

Protesters march past a Waymo autonomous vehicle during a “People Over Billionaires” protest in the Pacific Heights neighborhood of San Francisco, Nov. 15, 2025. A proposed tax on California billionaires is seeking signatures to qualify for the November 2026 ballot.
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Nvidia founder and CEO Jensen Huang speaks during Nvidia Live at CES 2026 ahead of the annual Consumer Electronics Show in Las Vegas, Nevada, on January 5, 2026. Vinod Khosla speaks at the 2024 Forbes Iconoclast Summit at Cipriani Wall Street on June 20, 2024 in New York City.
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Overview

  • The SEIU‑UHW measure would levy a one-time 5% tax on Californians with net worth over $1 billion, applied to residents as of Jan. 1, 2026, with payments allowed over five years.
  • Peter Thiel contributed $3 million to the California Business Roundtable, bolstering efforts to defeat the initiative, according to a new disclosure reported by the New York Times.
  • Google cofounders Larry Page and Sergey Brin shifted or terminated dozens of California LLCs and Page bought two Miami homes in December, moves reported around the residency cutoff.
  • Gov. Gavin Newsom told the New York Times and Politico he expects the measure to fail and said he is working to stop it, citing economic harm from early departures and restructurings.
  • A David Binder Research poll reported by the New York Post found support dropped to 41% after arguments from both sides, while the campaign still must gather nearly 900,000 valid signatures to reach the November 2026 ballot.