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Thiel Gives $3 Million to Fight California Wealth Tax
Peter Thiel contributed $3 million to block a 5% one-time wealth tax on California billionaires, which could raise $100 billion for healthcare and education, proponents say.
- This past week the '2026 Billionaire Tax Act' was unveiled, proposing a one-time 5% levy on California billionaires, payable over five years, introduced by the Service Employees International Union-United Healthcare Workers West.
- Right now the initiative remains short of the 874,000 signatures needed to reach the November ballot, and Governor Gavin Newsom does not support it.
- At least six ultrawealthy Californians have moved or reorganized assets, with Larry Page, Google co-founder, buying Miami’s Coconut Grove estates for about $173.4 million and filing over 45 companies to move or become inactive last month.
- Despite claims it would fund education and health care, critics warn the tax could spur capital flight and reduce revenue, splitting Democrats between Rep. Ro Khanna and Governor Gavin Newsom.
- California's decision could shape Democratic politics nationally because of the state's outsized influence, as nearly every Organisation for Economic Co-operation and Development country that enacted wealth taxes later repealed them and only four still have them.
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Billionaires Are Ramping Up Their California Exits on Threat of Wealth Tax
At least a half-dozen billionaires left California before the new year, and their exodus could soon be followed by more than a dozen others in the face of a proposed 5% tax on their wealth, according to financial advisers to the rich.
·United States
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Coverage Details
Total News Sources60
Leaning Left12Leaning Right16Center11Last UpdatedBias Distribution41% Right
Bias Distribution
- 41% of the sources lean Right
41% Right
L 31%
C 28%
R 41%
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