Peter Thiel makes $3m donation to fight California’s proposed billionaire tax

Peter Thiel donated $3 million to the California Business Roundtable's political action committee to fight a proposed wealth tax targeting billionaires in California. The "2026 Billionaire Tax Act" would levy a one-time 5% tax on individuals with over $1 billion in net worth, with Thiel potentially owing $1.3 billion. The proposal requires 900,000 signatures to reach the November ballot. Other tech billionaires, including Larry Page and Sergey Brin, have also opposed the tax, with some shifting assets out of state. Thiel's donation signals a potential mobilization of resources by California's tech elite to defeat the tax, which advocates say would fund healthcare and education. Thiel has also recently relocated some of his empire from California, with his Thiel Capital private investment firm announcing last year that it had opened a Miami office.

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