Silicon Valley Billionaires Pour $75 Million Into California Races as Wealth Tax Threat Spurs Pushback
Updated
Updated · The San Francisco Standard · May 25
Silicon Valley Billionaires Pour $75 Million Into California Races as Wealth Tax Threat Spurs Pushback
5 articles · Updated · The San Francisco Standard · May 25
$66 million from Sergey Brin and tens of millions from other tech billionaires have flooded California’s June 2 primaries, aiming to block a union-backed wealth tax and elect more business-friendly candidates.
The spending surge followed the tax proposal from SEIU-UHW West, which tech leaders cast as proof that labor unions now threaten both their political agenda and personal fortunes in California.
More than $14 million has gone through moderate-leaning state PACs, while AI donors separately put over $75 million into a federal PAC against strict AI rules and $20 million into a rival pro-regulation group.
In San Francisco, tech donors have put over $6 million behind Proposition C to stop a labor-backed corporate tax measure, and they are also financing key supervisor contests tied to Mayor Daniel Lurie’s moderate bloc.
The money has not guaranteed wins: tech-backed gubernatorial candidate Matt Mahan polled at 4%, prompting some donors to shift toward Xavier Becerra while others also backed Republican Steve Hilton.
As tech moguls battle unions over a wealth tax, who truly represents California's future?
With billions flooding state politics, is California's tax policy now for the highest bidder?
Pope Leo XIV warns of AI's dangers; can California regulate tech while its moguls write the laws?
California’s Billionaire Tax Act 2026: $100 Billion at Stake Amid Political, Legal, and Economic Turmoil
Overview
As California heads toward the November 2026 election, the campaign over the proposed Billionaire Tax Act has become highly competitive, fueled by record-breaking financial contributions from both supporters and opponents. Wealthy individuals, especially those against the tax, are playing a major role in funding efforts to sway public opinion. The measure proposes a one-time 5% tax on billionaires, aiming to address state fiscal needs and offset federal health-care cuts. With over $123 million already raised and public sentiment shifting, the battle reflects deep divisions and high stakes, making the outcome uncertain and the debate especially intense.