Billionaires are plotting to flee California if huge wealth tax passes

NY Post ^ | 12/23/25 | Annie Gaus, Josh Koehn

[Libloather]

California’s richest residents could be slapped with a one-time 5% tax on their net worth if a new law makes it onto the ballot next year.

The measure – called the “2026 Billionaire Tax Act” – seeks to counter $30 billion in potential federal funding cuts to California’s Medicaid program.

Cash from the new tax could also pay for the Golden State’s struggling public education system, according to supporters of the act, which include the Service Employees International Union (SEIU).

If passed and signed off by Gov. Gavin Newsom, California’s tech bosses like Meta CEO Mark Zuckerberg and Nvidia CEO Jensen Huang, could face huge tax bills.

Five percent of Huang’s estimated net worth could see him paying a one-time bill of over $8 billion, for example. Zuck’s bill could be even higher, at around $12 billion or more.

Liberal supporters argue that around 200 billionaires in California hold about $2 trillion in wealth, but the state’s other 19 million taxpayers pay a “much larger portion” of their true income — echoing policies of New York mayoral front-runner Zohran Mamdani.

“If we do not do this, millions of people are going to lose health care, an untold number of people will go without treatment and there will be tragedy after tragedy,” Dave Regan, president of SEIU-United Healthcare Workers West, said in a statement, according to Newsweek.

[ridesthemiles]

YOUR NET WORTH ===$5 BILLION——5% tax == $250 MILLION.

[PerConPat]

The treasurers of Nevada, Utah etc. must be salivating.

[LizzieD]

If only these people would go after the estimated $76 billion worth of fraud in these programs. It’s not the billionaires who owe them, it’s the crooks working the system.

[markman46]

how soviet of the SEIU, will vote to tax new worth not income

[Blood of Tyrants]

It’ll pass, but it is an unconstitutional taking.