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Ro Khanna's Wealth Tax Faces Backlash from Billionaires

12/30/2025

24 5 Full Breakdown

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Khanna Defends Wealth Tax

U.S. Representative Ro Khanna defends California's proposed 5% wealth tax on billionaires to recoup $90 billion in Medicaid funds, affecting about 200 billionaires including Larry Page and Peter Thiel, who threaten to leave the state.
Governor Gavin Newsom opposes the plan while wealthy residents express backlash over the proposal.
Critics, including former donors, are considering a primary challenge against Khanna for taking this stance.

Right

Page Considers Relocation

Larry Page, co-founder of Google, plans to leave California after a proposed billionaire tax could cost him $12 billion.
Larry Page and venture capitalist Peter Thiel are exploring relocation to Florida or Texas before 2026.
Tax advisor David Lesperance says California relies on wealthy taxes, prompting moves by billionaires.
California Governor Gavin Newsom faces progressive pressure to support it.

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Khanna Defends Wealth Tax

U.S. Representative Ro Khanna defends California's proposed 5% wealth tax on billionaires to recoup $90 billion in Medicaid funds, affecting about 200 billionaires including Larry Page and Peter Thiel, who threaten to leave the state.
Governor Gavin Newsom opposes the plan while wealthy residents express backlash over the proposal.
Critics, including former donors, are considering a primary challenge against Khanna for taking this stance.

1 / 2