"Palantir co-founder Peter Thiel has donated $3m to a California lobbying group advocating against a proposed wealth tax that would target billionaires in the state. The seven-figure contribution comes as several ultra-wealthy tech moguls have left or threatened to leave California over the tax. Thiel, worth some $26bn, made the donation last month to the California Business Roundtable's political action committee, according to a public disclosure filing which was first reported by the New York Times."
"The ballot proposal, called 2026 Billionaire Tax Act, is still in the beginning stages of gathering the 900,000 signatures needed for it to go to voters in November. If voted into law, it would levy a one-time, 5% tax on anyone in the state worth more than $1bn and grant a five-year period for payment. Thiel would owe the state roughly $1.3bn based on his current net worth."
Peter Thiel donated $3 million to the California Business Roundtable political action committee to oppose a proposed billionaire wealth tax. The 2026 Billionaire Tax Act must gather 900,000 signatures to qualify for the November ballot. The measure would impose a one-time 5% tax on residents worth more than $1 billion, with a five-year payment window. Thiel’s estimated $26 billion net worth would translate to roughly $1.3 billion in tax liability under the proposal. Several other tech billionaires have shifted assets or signaled plans to leave California amid opposition and relocation encouragement.
Read at www.theguardian.com
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