All articles tagged with #billionaires tax
California Gov. Gavin Newsom is calling for a national billionaires’ tax and even a U.S. government stake in AI firms, while he argues California faces its own version of the tax fight.
California’s secretary of state certified that a proposed one-time 5% tax on ultrarich assets has qualified for the November ballot, firing up a costly clash over funding for health care and the state budget. Proponents led by SEIU-UHW and backed by Bernie Sanders argue the levy would counter federal spending cuts and prevent hospital closures, while opponents including Google co-founder Sergey Brin warn it could undermine California’s business climate and drain tax revenue. The campaign is expected to be among the most expensive in state history and could shape economic sentiment ahead of the 2028 primaries, with a potential deal to pull or modify the measure still on the negotiating table.
California lawmakers propose a billionaire wealth tax that could affect the state's ultra-wealthy, sparking protests in Silicon Valley and drawing Gov. Gavin Newsom into a high-stakes political confrontation over taxation of extreme wealth.
Venture capitalist Peter Thiel donated $3 million to a California Business Roundtable political committee opposing a proposed wealth tax on billionaires, part of a broader push by Silicon Valley elites to defeat the measure ahead of the November ballot; the donation marks the first seven-figure contribution in the effort and more large gifts are expected.