Can Silicon Valley’s billionaires stop a California wealth tax? | FT #shorts
Financial Times·2026-07-28 17:14
The net worth of California’s billionaires was estimated by Forbes magazine at $700bn in 2019 and $2.1tn at the end of last year, union boss Dave Regan points out. His proposal would levy a one-time 5% tax on that wealth to replace federal healthcare funding stripped from the state by Donald Trump’s One Big Beautiful Bill. But ballot is also shaping up as a test of the political power and organising muscle of Silicon Valley’s billionaires. Because, ooh boy, have they noticed. #shorts #shortvideo # ...