A Billionaire's Warning: Peter Thiel Drops $3 Million to Block California's Wealth Tax Proposal
In a move seen as a warning shot across the bow of California's proposed billionaire tax, tech mogul Peter Thiel has donated $3 million to a lobbying group opposed to the measure. The seven-figure contribution comes amid a growing exodus of ultra-wealthy tech moguls from the state, with several high-profile billionaires already threatening or leaving California over the tax.
Thiel, who is worth an estimated $26 billion, made the donation to the California Business Roundtable's political action committee last month, according to public disclosure filings. The move has raised eyebrows among advocates for the tax, who argue that it would generate significant revenue to fund critical state programs, including healthcare and education.
The proposed ballot measure, which aims to levy a one-time 5% tax on billionaires worth more than $1 billion, is still in its early stages of gathering signatures. If approved, it would grant a five-year period for payment and would result in Thiel owing the state approximately $1.3 billion based on his current net worth.
Thiel's contribution has been seen as an early signal of how California's tech elite plans to mobilize their considerable resources to block the proposal. Several high-profile billionaires, including Google co-founders Larry Page and Sergey Brin, have already joined the chorus of opposition, with some opting to relocate their assets to other states.
The California Business Roundtable has taken a hardline stance against the tax, describing it as a "dangerous wealth tax" that would drive investment out of the state. The group's president, Rob Lapsley, vowed to continue opposing the measure, citing concerns about its impact on the economy and cost of living for all Californians.
However, not all billionaires are opposed to the proposal. Nvidia CEO Jensen Huang recently expressed support for the tax, arguing that he was "perfectly fine" with it. Huang's stance has been seen as a surprise move, given the dominance of tech moguls in California's politics and economy.
As the debate over the billionaire tax continues to gain momentum, it remains to be seen whether Thiel's donation will prove to be a game-changer for the measure's prospects. One thing is certain, however: the proposed tax has become a highly politicized issue, with significant stakes for California's wealthy elite and its residents.
In a move seen as a warning shot across the bow of California's proposed billionaire tax, tech mogul Peter Thiel has donated $3 million to a lobbying group opposed to the measure. The seven-figure contribution comes amid a growing exodus of ultra-wealthy tech moguls from the state, with several high-profile billionaires already threatening or leaving California over the tax.
Thiel, who is worth an estimated $26 billion, made the donation to the California Business Roundtable's political action committee last month, according to public disclosure filings. The move has raised eyebrows among advocates for the tax, who argue that it would generate significant revenue to fund critical state programs, including healthcare and education.
The proposed ballot measure, which aims to levy a one-time 5% tax on billionaires worth more than $1 billion, is still in its early stages of gathering signatures. If approved, it would grant a five-year period for payment and would result in Thiel owing the state approximately $1.3 billion based on his current net worth.
Thiel's contribution has been seen as an early signal of how California's tech elite plans to mobilize their considerable resources to block the proposal. Several high-profile billionaires, including Google co-founders Larry Page and Sergey Brin, have already joined the chorus of opposition, with some opting to relocate their assets to other states.
The California Business Roundtable has taken a hardline stance against the tax, describing it as a "dangerous wealth tax" that would drive investment out of the state. The group's president, Rob Lapsley, vowed to continue opposing the measure, citing concerns about its impact on the economy and cost of living for all Californians.
However, not all billionaires are opposed to the proposal. Nvidia CEO Jensen Huang recently expressed support for the tax, arguing that he was "perfectly fine" with it. Huang's stance has been seen as a surprise move, given the dominance of tech moguls in California's politics and economy.
As the debate over the billionaire tax continues to gain momentum, it remains to be seen whether Thiel's donation will prove to be a game-changer for the measure's prospects. One thing is certain, however: the proposed tax has become a highly politicized issue, with significant stakes for California's wealthy elite and its residents.
just think about all the good stuff that $3 million could do for actual people in cali 
like funding hospitals or schools instead of blocking some super rich guy's money 
anyone else tired of billionaires playing politics? 
if billionaires like Peter Thiel can afford to block a $1.3 billion tax 
? 
and honestly, who are they trying to help 
? themselves or the average joe 
? 
but when you have people like Peter Thiel with a bank account as deep as his ego 
it's hard not to wonder what their real motives are 
. And Jensen Huang's surprise support for the tax? Totally reasonable and not at all a desperate attempt to save face 
. Bring on the billionaire tax, I say! 
.
Peter Thiel just dropped $3 million to block Cali's rich tax 
He's giving the state a warning, but it's more like a threat 
To be real, if billionaires wanna leave, that's on them 
Not on us 
The tax would fund healthcare & education 
so who cares about a few billion 
we should be taxing the rich and keeping it fair 
like healthcare and education 
.
. If you're making money, you can afford to take some risks and invest in the state that's generating all that wealth. It's not like California is broke or anything 
. On one hand, I get why he'd want to avoid paying more taxes - who doesn't love their money? 
. If more billionaires start speaking out in support of the proposal, it could make it harder for those opposed to make their case. But at the same time, if they just keep staying mum and letting the opposition do all the heavy lifting 
. We'll have to wait and see how it plays out in the coming months 
.
. But overall, this whole thing feels like a classic case of the 1% trying to avoid paying their fair share