Trump-friendly billionaire Peter Thiel has thrown millions of his own money behind an effort to nix a proposed California ballot measure that would tax his ultra-wealthy pals. The 2026 Billionaire Tax Act is a statewide initiative slated for the November 2026 California ballot that would impose a one-time 5 percent tax on individuals with a net worth exceeding $1 billion. It was put forward by a state healthcare union to offset federal budget cuts by the Trump administration. And even though it would be used to aid an ailing healthcare system, billionaires are up in arms. A huge effort has gathered momentum to fight the tax and Thiel, the Paypal co-founder and chairman of Palantir, has donated $3 million to a committee opposing the proposed initiative. The committee, named the California Business Roundtable, expects this to be the first of many donations. “I can tell you, unequivocally, we are casting a broad net to donors all over the state—he’s one of hundreds we have,” said Rob Lapsley, the president of the lobby group. The Guardian said that Thiel, who is among those billionaires threatening to leave the state, could face a $1.3 billion bill from the tax.
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