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San Jose Mayor Fights Billionaire Tax Amid Tech Backlash

1/6/2026

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Summary

Story summary

San Jose Mayor Matt Mahan opposes a proposed ballot measure in California imposing a 5% tax on billionaire net worth, stating, "We need a rising economic tide to lift all boats."
Tech investors fear the measure could drive companies out of California.
Rep. Ro Khanna (D-Calif.) faces pressure as tech supporters threaten a primary challenger.
Vinod Khosla and David Sacks, tech investors, warn California could lose its hub.

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Story summary

San Jose Mayor Matt Mahan opposes a proposed ballot measure in California imposing a 5% tax on billionaire net worth, stating, "We need a rising economic tide to lift all boats."
Tech investors fear the measure could drive companies out of California.
Rep. Ro Khanna (D-Calif.) faces pressure as tech supporters threaten a primary challenger.
Vinod Khosla and David Sacks, tech investors, warn California could lose its hub.