Scott Wiener Opposes California Wealth Taxes Amid Tech Donor Backing

California state Sen. Scott Wiener, the candidate to succeed Nancy Pelosi, has opposed two ballot measures: the statewide Billionaire Tax Act, a one-time 5 % levy on the wealth of California’s billionaires, and San Francisco’s Overpaid CEO tax, which would tax firms whose chief executive earns at least 100 times the median employee’s wage.

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The Billionaire Tax Act was drafted after federal Medicaid cuts left California with an estimated $100 billion shortfall, prompting proposals to fund Medicaid and school nutrition. The Overpaid CEO tax is projected to raise $250-$300 million annually for health-care, housing and related programs. Tech donors Chris Larsen and Garry Tan have each contributed $5 million to anti-tax efforts, with an additional $5 million from Ripple’s corporate account.

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Key actors include Wiener; tech donors Chris Larsen, co-founder of Ripple Labs, and Garry Tan, CEO of Y Combinator, who have funneled at least $125,000 to the super-PAC Abundant Future and financed anti-tax ads through Golden State Promise PAC. Endorsers include SEIU California, Justice Democrats, Senator Bernie Sanders and former Speaker Nancy Pelosi. Opponents are candidates Connie Chan and Saikat Chakrabarti.

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Wiener told the San Francisco Standard that a billionaire levy would destabilize California’s “boom-bust” tax system, prompting his opposition while pledging tax reform in Congress. SEIU California withdrew its endorsement, citing the stance. Bernie Sanders, Nancy Pelosi and a supermajority of the San Francisco Board of Supervisors backed the taxes.

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Critics argue Wiener’s position serves “massive corporate interest” and harms low-income residents. Small Business Forward co-founder Jerome Dolezal and Phoenix Project director Jeremy Mack label the donor-driven campaign a threat to voters. Paul Boden contends Wiener’s YIMBY policies prioritize middle-income development over affordable housing.

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Sources differ on Wiener’s prior support for the CEO tax—he backed its 2020 version but opposed the 2024 iteration—raising questions about his policy consistency. Donors claim the billionaire tax would force Google founders to surrender 50 % of their stock; analysts dispute that claim, leaving the fiscal impact uncertain.

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• “He is doing the bidding of massive corporate interest.” — Jerome Dolezal, Bar Owner, Small Business Forward

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• “start fighting on par with the unions when they propose these absolutely stupid propositions like this crazy CEO tax.” — Chris Larsen, Co-founder and Executive Chairman, Ripple Labs

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• “a destroy tech in California proposition” — Garry Tan, CEO, Y Combinator

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• “California already has an unstable boom-bust tax system because of the devaluation of property taxes and reliance increasingly on income taxes on wealthy residents,” — Scott Wiener, Congressional Candidate

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Wiener faces a three-way primary on June 2, 2026; the billionaire and CEO taxes will appear on the November 2026 ballot. Donor-funded advertising is expected to intensify as both sides vie for voter support ahead of the elections.

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