They say they’re going to do something that rhymes with „grieve.“
Taking money away from billionaires is funny, and threatening to do it can be a nice political sugar rush for anyone with even a tiny amount of class consciousness (even though it would not get close to creating “socialism” in America according to socialists like Doug Henwood). The state of California is now very much threatening to do it, and the predictable result is happening according to the New York Times: tech billionaires like Peter Thiel and ex-Google CEO and co-founder Larry Page are having their obligatory tantrum and threatening to leave.
The political instrument involved here is not a technocratic and nuanced change to the tax code that happens to tax billionaires, but instead a one-off, 5% billionaire tax. This comes in the form of a proposed ballot measure backed by organized labor—specifically the Service Employees International Union–United Healthcare Workers West.
Anyone who lives in California as of January 1, 2026 would be subject to the proposed tax, and the math works like this: If you have $20 billion in assets, you owe $1 billion, and have five years to pay up. Estimates from the union say the state would pull in about $100, basically by legally mugging the 200 most obnoxious people in the state.
