A handful of billionaires, including those who have backed Democrats, anonymously told PirateWires’ Mike Solana how concerned they are about a potential “billionaire tax” being pushed forward by progressives.
Speculations about the “2026 Billionaire Tax Act” first arose in October 2025 after the proposed initiative was filed with the California Attorney General’s office by major healthcare workers’ union, the Service Employees International Union-United Healthcare Workers West (SEIU-UHW). According to those who purposed the measure, it would place a one time 5% wealth tax on California billionaires in order to primarily fund healthcare, which would include illegal immigrants on Medi-Cal.
With some California billionaires already slamming state Democrats online, Solana spoke to 21 billionaires, with most of them stating how they are planning to leave the state. The men’s work experience ranged from artificial intelligence, defense, cryptography, security, biotechnology, finance, general software development, along with venture capitalists.
According to Solana, the companies of the men he spoke to combined would estimated to $1.3 trillion, employing around 50,000 people.
“If this tax actually passes,” a prominent venture capitalist told Solana. “I think the technology industry kind of has to leave the state. Because every person running a company will have to look at the math, and they will think, ‘Well obviously that cannot happen because it will literally destroy the company.’””If it does or doesn’t pass, this is the single most radicalizing red pilling thing to ever happen to push them into the arms of the Republican Party, and I think it makes clear, more than anything else that happens, that it’s not about helping the poor but impoverishing the rich, and the pain is part of the point,” a Democrat billionaire said to Solana. “That’s a new realization for a lot of people.”
Another billionaire told the PiratesWire reporter that from the conservations he’s having with other men, the potential impact of the ballot measure could harm the Democrat Party as a majority of the people affected are the “biggest donors.”
Concerns about the bill have been publicly discussed online, with warnings that the proposal could not only prompt some to relocate outside of the state, but to potential places like Florida or Texas.
Other issues with the bill surrounded the “confusing” and “control” language used within the legislation, according to Solana. While supporters of the bill argue it would be a one time tax, billionaires have pushed the arguments aside as they believe everyone will be targeted again.
“I think 100 percent of people who are looking at this understand it is being marketed as a one-time thing, but it will not be one time, and it will not only target billionaires. Once the structure is put in place, it is going to expand,” one billionaire said.
Despite some in the party supporting it, Democratic Gov. Gavin Newsom publicly called the proposal “really damaging” and “bad economics.
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