Building a Better California

Sergey Brin, John Doerr, Peter Thiel, and other California billionaires have donated over $120 million to oppose a proposed 5% wealth tax on residents with assets over $1 billion. The tax, which would be voted on in November, faces opposition from tech elites including Brin, who contributed $82 million, and Doerr, who donated $10 million, while union-backed supporters have raised $31 million.

California voters will consider a proposal to temporarily tax billionaires at 5% to fund Medicaid, supported by a labor union despite opposition from Governor Gavin Newsom and a coalition of healthcare and education groups. Critics argue the tax would drive wealthy residents out of the state and destabilize revenue, while opponents like Sergey Brin have spent millions to block it.

California voters will decide on 14 statewide ballot measures in November, including a billionaire tax, an $11 billion affordable housing bond, and voter ID requirements. Some high-profile proposals were withdrawn after deals with lawmakers, including measures related to healthcare and hospital executive pay.

California voters will consider a November proposal to temporarily tax billionaires 5% on net worth exceeding $1 billion to fund Medicaid. The measure faces opposition from Governor Gavin Newsom, a coalition of healthcare and education groups, and tech moguls like Sergey Brin, who argue it could destabilize state revenue and drive wealth away.

A proposal to temporarily increase taxes on billionaires in California to counter federal cuts to healthcare for low-income people has sufficient public support to qualify for the November ballot. The proposal, backed by the Service Employees International Union Healthcare Workers West, would impose a one-time, 5% tax on individuals with a net worth over $1 billion as of Jan. 1, 2026, aiming to generate $100 billion for Medicaid, food assistance, and education. Critics, including tech moguls and Governor Gavin Newsom, argue it could reduce state revenue by driving the wealthy out, and a similar 2022 measure was rejected by voters.

A proposal to impose a temporary 5% tax on California residents with a net worth exceeding $1 billion has secured enough signatures to appear on the November ballot. The measure aims to raise $100 billion for Medicaid, food assistance, and education, but faces opposition from Governor Gavin Newsom, Silicon Valley leaders, and some Democratic lawmakers.

A proposal to impose a 5% tax on California residents with a net worth over $1 billion to fund Medicaid, food assistance, and education has enough signatures to qualify for the November ballot. The measure faces opposition from tech moguls, Governor Gavin Newsom, and groups like the California Medical Association, while billionaire Sergey Brin has donated $82 million to oppose it.

Prediction markets show uncertainty about California's proposed billionaire tax passing the June 25 ballot deadline and subsequent voter approval. Kalshi and Polymarket traders price the odds of the tax appearing on the November ballot at near 50%, with lower chances of voter support at 18-19%. The tax targets individuals and trusts with $1 billion+ net worth, facing opposition from groups like the California Teachers Association and support from others like SEIU-UHW.