Peter Thiel makes his biggest donation in years to help defeat California's billionaire wealth tax | Fortune

"Venture capitalist Peter Thiel has written his biggest political check in years, donating $3 million to a California business group leading the fight against a proposed billionaire wealth tax. The move positions the Palantir co-founder as one of the earliest and most prominent financiers of an emerging campaign to stop the 2026 Billionaire Tax Act before it reaches voters. Thiel made the $3 million contribution on December 29 to the California Business Roundtable,"

"While the money is not formally earmarked only for the wealth-tax fight, the Roundtable is expected to serve as a central vehicle for organizing and funding the business community's push to defeat the measure. Rob Lapsley, the group's president, has said he is actively courting deep-pocketed donors across the state as part of a broader effort to marshal corporate and elite support against the tax initiative and other proposals viewed as unfriendly to business."

"The proposed 2026 Billionaire Tax Act would levy a one-time 5% tax on the net worth of California residents whose wealth exceeds $1 billion, targeting assets such as privately held businesses, stocks, bonds, art, collectibles, and intellectual property rather than income. Real estate and certain pensions and retirement accounts would be excluded, but otherwise the measure is designed to capture a broad swath of financial and intangible holdings within ultra-wealthy portfolios."

Peter Thiel contributed $3 million to the California Business Roundtable on December 29, marking his largest disclosed political gift since the 2022 midterms. The donation is the first public seven-figure check tied to opposition to the proposed billionaire wealth tax and was reported via a public disclosure. The Roundtable is expected to coordinate and fund business community efforts to defeat the measure, and its president Rob Lapsley is seeking deep-pocketed donors statewide. The proposed 2026 Billionaire Tax Act would impose a one-time 5% tax on net worth above $1 billion, targeting a wide range of financial and intangible assets while excluding certain real estate and retirement accounts.

Read at Fortune