{"id":70642,"date":"2026-01-31T04:19:20","date_gmt":"2026-01-31T07:19:20","guid":{"rendered":"https:\/\/tech.einnews.com\/article\/888187645"},"modified":"2026-01-31T04:19:20","modified_gmt":"2026-01-31T07:19:20","slug":"tech-titans-unite","status":"publish","type":"post","link":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/2026\/01\/31\/tech-titans-unite\/","title":{"rendered":"Tech titans unite"},"content":{"rendered":"
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Tech titans have mobilized against California\u2019s proposed 5% billionaire tax \u2014- and no wonder, as the tax could strip some of the state\u2019s richest inventors <\/a>of controlling interests in the companies they founded.<\/p>\n

The moguls\u2019 effort, dubbed Building a Better California<\/a>, points anew to state government\u2019s failure to prioritize the public good over gluttonous special interests.<\/p>\n

It also affirms the need for Gov. Gavin Newsom and state legislators \u2014 and their voracious public union allies \u2014 to stop chasing wealth, jobs and people from the once-Golden State.<\/p>\n

Building a Better California, points anew to state government\u2019s failure to prioritize the public good. tamas \u2013 stock.adobe.com<\/span><\/figcaption><\/figure>\n
It also affirms the need for Gov. Gavin Newsom and legislators to stop running people out of the once-Golden State. REUTERS<\/span><\/figcaption><\/figure>\n

Already, the proposed billionaire tax, led by SEIU United Healthcare Workers West, has caused a wealth and talent drain as Larry Page, Peter Thiel and other billionaires have fled for greener tax pastures.<\/p>\n

They and others have said they can\u2019t risk voters in November supporting the onerous billionaire tax proposal<\/a> \u2014 in effect exporting an estimated $1 trillion in wealth from California. <\/p>\n

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The result: Jobs, ingenuity, leadership, innovation, billions in tax receipts and more, lost to the likes of Florida.<\/p>\n

The state budget alone could lose billions from the exodus \u2014 at a time when the state Legislative Analyst\u2019s Office forecasts an $18 billion general fund deficit in fiscal year 2026-27.<\/p>\n

they can\u2019t risk voters in November supporting the onerous billionaire tax proposal. Uladzik Kryhin \u2013 stock.adobe.com<\/span><\/figcaption><\/figure>\n
The group of moguls, led by Google co-founder Sergey Brin and former Google CEO Eric Schmidt (above). REUTERS<\/span><\/figcaption><\/figure>\n
Sergey Brin (above) and Schmidt reportedly plan to support various political candidates and ballot initiatives. Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n

Holding the bag will be middle-class taxpayers. <\/p>\n

In other words, the wealth tax has made a hot mess, before it\u2019s even qualified for the ballot.<\/p>\n

So the efforts of Building a Better California, to the extent they can curb such lunacy, are welcome.<\/p>\n

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The group of moguls, led by Google co-founder Sergey Brin and former Google CEO Eric Schmidt, reportedly plan to support various political candidates and ballot initiatives, as well as lobby against the wealth tax.<\/p>\n

So far, the titans have earmarked $35 million for their cause \u2014 with much more likely to come.<\/p>\n

After all, the fine print of the tax plan suggests that tech founders\u2019 voting shares in companies could face the 5% levy, which might force them to sell those shares to pay the tax \u2014 effectively forfeiting controlling interests in the very enterprises they created.<\/p>\n

That\u2019s insane.<\/p>\n

Newsom, legislators, the SEIU and other special-interest spendthrifts should take a cue from the moguls and acknowledge the obvious:<\/p>\n

Plundering the wealthy \u2014 and after them, whoever\u2019s left \u2014 is not the path to a prosperous California.<\/p>\n

<\/a><\/strong> <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Tech<\/span> titans have mobilized against California\u00e2\u0080\u0099 … the tax plan suggests that tech<\/span> founders\u00e2\u0080\u0099 voting shares in companies …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-70642","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts\/70642","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/comments?post=70642"}],"version-history":[{"count":0,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts\/70642\/revisions"}],"wp:attachment":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/media?parent=70642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/categories?post=70642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/tags?post=70642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}