California Vote on 5% Wealth Tax to Raise $100B, Hits Meta CEO
California voters will decide on a one-time 5% tax on residents with over $1B net worth, aiming to raise $100B for healthcare and offset Medicaid cuts. Billionaires including Meta CEO Mark Zuckerberg face countermeasures funded by over $100M from tech donors to block the levy.
1. Proposed Wealth Tax
The 2026 Billionaire Tax Act would impose a one-time, 5% levy on the net worth of California residents holding assets above $1 billion, encompassing public stocks, private business interests, and intellectual property while exempting directly owned real estate.
2. Opposition and Funding
Tech donors including Sergey Brin have poured over $100 million into a campaign to block the measure, while labor unions have committed roughly $25.7 million in support; conflicting ballot initiatives could cancel each other if both pass, with the highest vote-getter prevailing.
3. Implications for Meta
Meta CEO Mark Zuckerberg, one of an estimated 255 billionaires in California, has shifted various business interests outside the state, and a successful wealth tax could prompt further relocation of assets or investment pullbacks affecting Meta’s strategic planning.