Peter Thiel donates $3M to group opposing California billionaire tax

Billionaire Peter Thiel It’s contributing to the fight against the so-called billionaire tax ballot measure that California voters may have a chance to vote on this fall.

Thiel made a $3 million donation to the California Business Roundtable, a lobbying group that opposes policies it considers anti-business. The donation was first reported by new york times, Quoted from the reveal.

The Times noted that while the donation was not specifically earmarked for efforts to oppose the wealth tax proposal, the group is expected to be among those leading the fight against the measure and the money will help achieve its broader goals.

The proposal is known as 2026 Billionaire tax The law would amend the California Constitution to impose a one-time tax of up to 5% on taxpayers and trusts with covered assets greater than $1 billion.

Newsom says California’s wealth tax is “really harmful” as billionaires move money and businesses out of the state

These covered assets may include businesses, securities, arts and collectibles, and intellectual property, although real estate, annuities, and some retirement accounts will be exempt.

It would apply retroactively to California residents as of Jan. 1, the tax would be due in 2027, and taxpayers could spread the payments out over five years.

If the proposal is implemented, 90% of… Tax revenues 10% will be allocated to healthcare while 10% will be allocated to food aid or education-related programmes. Tax revenues would be exempt from California’s constitutional requirements for school funding, budget reserves and state spending limits.

California wealth tax proposal bleeds $1 trillion as billionaires flee

California Governor Gavin Newsom has expressed his opposition to the billionaire’s tax proposal, arguing that it would hurt the economy. (Brandon Bell/Getty Images)

Supporters of California’s billionaire tax measure are collecting the nearly 900,000 signatures needed to put the measure on the ballot. The measure is supported by the Service Employees International Union-United Health Care Workers West (SEIU-UHW), along with some Democratic lawmakers.

The billionaire’s tax proposal has drawn bipartisan criticism, with California’s top Democrat, Gov. Gavin NewsomHe expressed his opposition to this proposal.

Newsom told Politico In an interview Monday, he expressed concern about reports that wealthy Californians were moving money and businesses out of the state and warned that would hurt the economy and drive away investment.

He continued: “The evidence is there. The impacts are very real – not just the fundamental economic impacts in terms of revenue, but startups, the spillover effects of… people questioning long-term commitments, medium-term commitments.” “This is not what we need right now, at a time of so much uncertainty. Quite the opposite.”

Billionaires Make Strategic Moves Out of California Ahead of Proposed Wealth Tax

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Google co-founder Sergey Brin is reportedly among the billionaires moving their businesses out of California. (Lionel Hahn/Getty Images/Getty Images)

Newsom added that although he publicly supports a progressive tax structure, he believes the proposed billionaire tax “makes no sense” and “really hurts the state.”

The ruling makes the wealth tax retrospectively applicable to people who were… California residents As of January 1, 2026, this has resulted in many billionaires and prominent business figures moving out of the state.

Public filings reviewed by Fox News Digital from the California Secretary of State’s Office show several business entities linked to the Google co-founder Larry Page They were moved out of state in December. He reportedly purchased two properties in Miami worth $73.4 million.

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Oracle CEO Larry Ellison sold his San Francisco mansion for about $45 million, while the New York Times reported that the Google co-founder… Sergey Brin Thiel has moved some business operations out of California.

FOX Business’ Kristen Altus and Alex Netsberg contributed to this report.