"Most made their fortunes building companies that employ thousands and solve real problems. Their wealth is largely stock in those companies, not vaults of cash, the March for Billionaires website declares. The Billionaire Tax Act has already pushed the founders of Google to leave the state, taking their economic contributions with them. By taxing unrealized gains and voting shares, the act would make it difficult for founders to retain control of their startups."
"In the age of an affordability crisis for most of us, and corrupt crypto scams making the mega-rich even mega-richer, there has been a recent surge of interest in a proposed California billionaire tax that may or may not appear on a statewide 2026 California ballot measure. The measure has not made the ballot, nor has it even collected any signatures to do so."
A March for Billionaires is scheduled in San Francisco to oppose a proposed California billionaire tax. The proposed tax would target unrealized gains and voting shares, potentially making it harder for founders to retain control of startups. The measure has not qualified for the 2026 ballot and has not collected signatures. Strong reactions from several high-profile billionaires have generated substantial publicity for the proposal. Early polling suggests the billionaire tax would pass under current conditions. Organizers argue that most billionaires created companies employing thousands and that much of their wealth exists as stock, not cash.
Read at sfist.com
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