Something Ventured · 2026-01-18 · 20 min
In this episode of Something Ventured I dive into the explosive controversy shaking Silicon Valley: California's proposed one-time 5% "Billionaires Tax" ballot initiative. Filed by the powerful healthcare workers union SEIU-UHW, the measure would impose a retroactive 5% levy on the net worth of individuals worth $1 billion or more (as of January 1, 2026), aiming to raise around $100 billion to shore up the state's healthcare system and support education amid looming federal funding cuts. I break down why this has sparked panic among the ultra-wealthy - including Google co-founders Larry Page and Sergey Brin, who have already moved business entities out of state (along with others like David Sacks) - potentially costing California trillions in departing wealth and innovation. I explain key concerns: The tax applies to unrealized gains and even control/voting shares in companies (which could hit founders like Page and Brin far harder than a simple 5% of their personal stock holdings). Fears that a "one-time" tax on billionaires could expand into an ongoing wealth tax affecting the middle class (just like the federal income tax did).
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