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Nvidia CEO Supports California's Proposed Billionaire Wealth Tax

1/8/2026

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Summary

Huang Embraces Tax

Nvidia CEO Jensen Huang said he is fine with California's proposed 5% billionaire wealth tax.
In a Bloomberg interview, Huang, whose net worth is $162.6 billion, said he hasn't considered the tax.
The tax aims to raise $100 billion for healthcare and education and needs more than 870,000 signatures for the November 2026 ballot.
Some wealthy Californians, represented by attorney Alex Spiro, threaten to relocate if the tax is enacted.

Summary

Huang Stays Put

Nvidia Chief Executive Jensen Huang says he has not considered California's 5% wealth tax and will stay in Silicon Valley.
The tax would raise $100 billion for healthcare and education and requires voter approval by November 2026.
Billionaires Peter Thiel and Larry Page are considering relocating to avoid the tax, and Governor Gavin Newsom has opposed wealth taxes.
Critics say the tax addresses Medicaid funding gaps worsened by federal cuts.

History

Historical Context

California's Proposition 13, passed in June 1978, capped property tax increases and significantly reduced local government revenue, leading to a 60% decline in property tax revenue in its first year. By 1990, education funding had dropped by 20%. The proposed 5% wealth tax aims to raise $100 billion to address ongoing funding gaps, as wealthy residents consider relocating due to these tax implications.

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Huang Embraces Tax

Nvidia CEO Jensen Huang said he is fine with California's proposed 5% billionaire wealth tax.
In a Bloomberg interview, Huang, whose net worth is $162.6 billion, said he hasn't considered the tax.
The tax aims to raise $100 billion for healthcare and education and needs more than 870,000 signatures for the November 2026 ballot.
Some wealthy Californians, represented by attorney Alex Spiro, threaten to relocate if the tax is enacted.

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