By Jake Johnson
Billionaire backlash against a proposed one-time wealth tax on California’s richest residents has intensified as organizers begin gathering the signatures needed to place the initiative on the November ballot.
Billionaire investor Chamath Palihapitiya claimed on social media that individuals “with a collective net worth of $500 billion” left California to avoid the potential5% wealth tax, set to apply to billionaires living in the state as of January 1, 2026. However, evidence for such large-scale relocation in response to the tax is limited. Palihapitiya described the measure as an “asset seizure tax.”
Similarly, hedge fund manager Bill Ackman called it “an expropriation of private property,” while theWashington Postpublished a critical editorial, mocking supporters including theService Employees International Union-United Healthcare Workers West (SEIU-UHW). The editorial claimed California already suffers from overtaxation and called the proposed tax an extreme measure.
TheWall Street Journalnoted that some prominent investors, including Peter Thiel, have expanded out-of-state offices, though without linking these moves directly to the proposed tax.
Supporters argue the billionaire opposition overstates the impact. Suzanne Jimenez, SEIU-UHW chief of staff, emphasized that “asking those who have benefited most from the economy to contribute more—particularly to stabilize healthcare systems—is reasonable, not radical.” Most billionaires would pay less than the growth of their wealth in a typical year.
US Senator Bernie Sanders (I-Vt.) recently endorsed the initiative, which could raise roughly$100 billionfrom around200 California billionaires. Most revenue would go into aBillionaire Tax Health Account, with the remainder supporting food assistance and education programs.
According to expert analysis by the initiative’s drafters, the one-time tax is necessary due to federal decisions that have placed California’s healthcare, education, and economy under increasing strain. “Asking the handful of wealthiest Californians to contribute less than the annual appreciation on their fortunes is all this ballot measure does,” they said.
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