Overview
- Sen. Bernie Sanders headlined a downtown Los Angeles rally to boost the proposed wealth tax, highlighting a divide with Gov. Gavin Newsom, who opposes it.
- Rep. Kevin Kiley said he will introduce the Keep Jobs in California Act to bar states from retroactively taxing former residents, targeting a core feature of the proposal.
- Tech donors have escalated opposition, with Sergey Brin contributing $20 million and the Building a Better California effort reporting about $35 million raised.
- Backers say the measure could raise roughly $100 billion, applies to those deemed California residents on Jan. 1, 2026, and allows multi‑year payment plans and deferrals for illiquid assets.
- The initiative remains in signature gathering, facing design and legal questions over valuation rules and concerns about wealthy residents relocating out of state.