Californians are pushing to tax billionaires, and many of the wealthy are considering leaving the state rather than paying their share. According to USA TODAY, proponents of the “Billionaire Tax” are gathering signatures to place the measure on the November ballot. Gov. Gavin Newsom has strongly opposed the proposal.
The proposal would impose a 5% “wealth” tax affecting roughly 200 California billionaires. A survey by UC Berkeley and Politico found that about half of California voters support the tax, while 28% oppose it.
Gavin Newsom reveals intimate phone calls from California’s wealthiest about billionaire’s tax: ‘They feel they’re being attacked’ https://t.co/Tz7FMNqw3U pic.twitter.com/RHNnQTo7K6
— New York Post (@nypost) January 30, 2026
The New York Post reported that Newsom said Thursday that several of the state’s billionaires have called him to express concerns about the proposal. “People who have no problem paying more income tax — people who are giving away much of their money — want to do so on a timeline their families have approved,” he said.
Newsom added,
“I’ve met with all of them, and they are in different stages of their lives and careers. Some will never give a penny away. Some I respect, some I don’t, and some I never have. But I have met with them as well.”
According to USA TODAY, some California billionaires are considering moving to other states rather than paying the tax. Meta founder Mark Zuckerberg is reportedly considering a move to Florida. The National Taxpayers Union Foundation says billionaires such as Google co-founders Larry Page and Sergey Brin, PayPal co-founder Peter Thiel, and venture capitalist David Sacks are considering relocating to more tax-friendly states.
In January, billionaire Chamath Palihapitiya wrote on X, formerly Twitter, that Californians worth a combined $700 billion had already left the state. Andrew Wilford, director of state policy at the National Taxpayers Union Foundation, said, “If the goal is to raise as much revenue from billionaires as possible, having them leave is not the best way to do it.”
California is proposing a 5% wealth tax on 200 billionaires worth $2T to protect health care for 3M people.
Let’s get it done—and make billionaires finally pay their fair share. https://t.co/DPY7EN4KQ1
— Bernie Sanders (@BernieSanders) February 19, 2026
Similar tax proposals have gained traction in recent years. In 2022, Massachusetts approved the Fair Share Amendment, imposing a 4% surtax on income over $1 million to fund education and transportation.
Washington state lawmakers have also advanced higher taxes on top earners. New York City Mayor Zohran Mamdani has proposed increasing income taxes for residents earning more than $1 million.
If enacted, the California wealth tax could raise an estimated $100 billion.
