The measure faces opposition from Silicon Valley investors and others, including Gov. Gavin Newsom. At The New York Times DealBook conference this month, Mr. Newsom said a wealth tax was not pragmatic. The Democrat, who has been close with people like Mr. Page, is raising money for a committee to oppose the measure. The committee received a $100,000 donation from the venture capitalist Ron Conway in November, according to state campaign finance records.
I don’t have a lot of sympathy here. On one hand Newsom is likely to put his hat in the ring for president so of course he can’t speak out against wealth. Secondly, it’s really hard for me to understand why these same billionaires who benefitted from National and Local tax breaks and investments suddenly what? they’re going to move their entire operations out of state?
I think RTO proves this incorrect. Headquarters are gravitating back to SF, the power brokers didn’t leave. if you can’t tell I’m being snarky.
I’ll go on record and say the lowest tax bracket I’ve paid as working person is 22%..
Quote Citation: Ryan MacTheodore Schleifer, Heather Knight, “A Wealth Tax Floated in California Has Billionaires Thinking of Leaving - The New York Times”, Dec. 26, 2025 5:23 p.m. ET, https://www.nytimes.com/2025/12/26/technology/california-wealth-tax-page-thiel.html