"Some of California's most famous and wealthy tech executives are pushing back, including Google co-founder Sergey Brin, who is reportedly leading an effort by a group called Building a Better California to head off the billionaire tax. Brin recently shelled out $42 million for a mansion on the Nevada side of Lake Tahoewhich also has shoreline in California and has offered about $50 million for a Miami Beach home, The Real Deal reported in January."
"Sander's vitriol came Wednesday evening at The Wiltern Theatre, a green-tinged, Art Deco landmark at Wilshire Boulevard and Western Avenue in the Koreatown district of Los Angeles. The crowd included organizers engaged in gathering the 900,000 or so signatures of registered voters that will be needed to place the tax on the ballot on the November ballot. The tax would apply to individuals with a net worth of $1 billion are deemed by the state to be residents of California as of Jan. 1, 2026."
"He took particular aim at several tech executives, including Meta founder and CEO Mark Zuckerberg, citing the 11 Palo Alto homes he's purchased over more than a decade as proof he can pay his fair share of taxes. Sander's vitriol came Wednesday evening at The Wiltern Theatre, a green-tinged, Art Deco landmark at Wilshire Boulevard and Western Avenue in the Koreatown district of Los Angeles."
Senator Bernie Sanders led a rally in Los Angeles endorsing the proposed 2026 Billionaire Tax Act, which would impose a one-time five-percent tax on net worths exceeding $1 billion for residents as of Jan. 1, 2026, payable in 2027. Organizers are collecting roughly 900,000 signatures of registered voters to qualify the measure for the November ballot. Sanders targeted wealthy tech executives, citing Mark Zuckerberg's multiple Palo Alto homes as evidence they can pay more. Prominent tech figures like Sergey Brin are opposing the measure through groups such as Building a Better California and have made real estate moves that raise residency questions.
Read at therealdeal.com
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