California Billionaires Spend $300m to Block 5% Tax
The proposed one-time tax on billionaires' assets will be voted on in the November 3 election, with opponents, including Google co-founder Sergey Brin and Uber's Travis Kalanick, donating heavily to block it
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Meta's SEC filings revealed Mark Zuckerberg plans to buy a home outside California to avoid the tax.
Story published. The proposed one-time tax on billionaires' assets will be voted on in the November 3 election, with opponents, including Google co-founder Sergey Brin and Uber's Travis Kalanick, donating heavily to block it
California's proposed billionaire tax is facing strong opposition from the state's wealthy residents, who have donated over $300m to block the tax. The tax, which would impose a one-time 5% tax on the state's billionaires, will be voted on in the November3election.
The tax would apply only to people whose primary residence was in California as of Jan. 1, 2026. However, some billionaires have already taken steps to avoid the tax by relocating to other states. Travis Kalanick, Uber's billionaire co-founder, moved to Texas on December 18, 2025, which could save him an estimated $180 million in taxes.
Billionaires, including Google co-founder Sergey Brin, Doordash founder Tony Xu, and Stripe co-founder Patrick Collison, have donated heavily to block the tax. In contrast, the supporters of the tax have raised only $32m. Meta founder Mark Zuckerberg has not donated money to oppose the tax, but has considered moving out of California to avoid it.
The spending by billionaires to oppose the tax has made this the most expensive ballot measure ever and among the most expensive campaigns of this midterm. The outcome of the vote will have significant implications for the state's budget and the distribution of wealth among its residents.
## What's at Stake The proposed billionaire tax is part of a broader debate about wealth inequality and taxation in California. The state's billionaires have amassed vast fortunes, and the tax is seen as a way to redistribute some of that wealth to support public services and infrastructure. However, opponents of the tax argue that it will drive away wealthy residents and harm the state's economy.
The vote on the billionaire tax will take place on November 3, and the outcome is uncertain. With the opponents of the tax having raised significantly more money than the supporters, it remains to be seen whether the tax will be approved by California's voters.
