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California's Billionaire Tax Faces Backlash and Support

1/2/2026

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Summary

Story summary

The 2026 Billionaire Tax Act would levy a one-time 5% tax on billionaire assets.
Labor groups push a statewide billionaire tax in California.
Representative Ro Khanna (D-CA) supports the wealth tax in California.
Khanna's sarcastic reply to threats of leaving drew criticism and calls for a primary challenge.
Critics argue the tax could drive top talent out of California and affect its economic future.

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Story summary

The 2026 Billionaire Tax Act would levy a one-time 5% tax on billionaire assets.
Labor groups push a statewide billionaire tax in California.
Representative Ro Khanna (D-CA) supports the wealth tax in California.
Khanna's sarcastic reply to threats of leaving drew criticism and calls for a primary challenge.
Critics argue the tax could drive top talent out of California and affect its economic future.