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California Billionaire Tax Act Sparks Controversy and Threats

12/27/2025

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Summary

Story summary

The California Billionaire Tax Act would impose a one-time 5% tax on billionaires' net worth to fund healthcare for the working class.
Rep. Ro Khanna (D-CA) responded sarcastically to Peter Thiel's threat to leave if it passes.
The measure requires over 870,000 signatures to appear on the ballot next year and remains in the signature-gathering phase.
Thiel has expressed concerns that the measure could drive wealthy residents away.

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Story summary

The California Billionaire Tax Act would impose a one-time 5% tax on billionaires' net worth to fund healthcare for the working class.
Rep. Ro Khanna (D-CA) responded sarcastically to Peter Thiel's threat to leave if it passes.
The measure requires over 870,000 signatures to appear on the ballot next year and remains in the signature-gathering phase.
Thiel has expressed concerns that the measure could drive wealthy residents away.