Silicon Valley is packing its bags at the simple proposal of a new tax that would tax the fortunes of more than a billion dollars. In fact, some millionaires have already taken flight and bought one (or several) mansions in Miami to avoid having to pay for it.
Does anyone care so much about this? exodus of millionaires who has even taken the initiative to defend them amid fears that they will abandon California to avoid high taxes. Even has called for demonstrations on the streets of San Francisco. To no one’s surprise, the press who went to cover the event and those who went to mock the demonstration outnumbered those who demonstrated.
Doesn’t anyone think about millionaires? Derik Kauffman, a young 26-year-old founder of the AI startup RunRL and fresh out of the Y Combinator project incubator, an entity that was chaired by Sam Altman between 2015 and 2019, he has been the driving force behind the movement “March for Billionaires“.
According to collect the local media San Francisco ExaminerKauffman pushed the event to oppose California’s proposed wealth tax and change public perceptions of the wealthy. The young man admitted that he was not aware of any billionaires intending to attend the demonstration defending their interests, but he wanted to show the contribution of great fortunes to the local economy.
Rumors of a tax that have caused a storm. Kauffman’s initiative arose in response to the union’s proposal SEIU United Healthcare Workers West to create a 5% tax on fortunes over $1 billion, excluding real estate and pensions. According to the union, this measure would affect about 200 Californian residents and would raise about 100,000 million in the next five years. The proceeds would go to offset the Trump administration’s cuts in education, healthcare and social assistance.
The tax would be applied retroactively to those who lived in the state in 2026, but for the initiative to be considered in a November 2026 vote it needs the support of 875,000 signatures. In fact, the initiative does not even have the support of California Governor Gavin Newsom, who is strongly opposed to the tax and work to block it.
The march in San Francisco. The demonstration in support of the millionaires took place through some streets of San Francisco, and had “a few dozen” attendees, surpassed by journalists and curious onlookers who came to see the demonstration with their own eyes. As expected, neither Jeff Bezos nor Mark Zuckerberg attended the meeting. In fact, it is not strange. A Harris Poll points out that 74% of Americans consider millionaires to be overrated and 76% believe that they benefit from a poor system.
OK to what was published by The Wall Street Journalthe march was led by a banner that read: “Billionaires Build Prosperity: Keep Them in California!” Behind her, just about twenty protesters held banners supporting the millionaires.
In front of them they found a group of curious people who had also come to express their ideas and to verify that the march was not a joke. One of them held a sign that read: “I am poor and I am proud.”
Reactions of millionaires. Other billionaires living in San Francisco, such as Jensen Huang, CEO of Nvidia, They distanced themselves from the protest and they have agreed to the tax. Huang stated that “we choose to live in Silicon Valley, and whatever taxes they want to apply, so be it. I’m perfectly fine with that.” Other technology leaders have not made public statements, and have simply headed to Florida without giving further explanations.
a few weeks ago the founders of Google did it. A few days later, Mark Zuckerberg did itwho after two decades in San Francisco, will change his zip code to that of Billionaire Bunker. However, what the millionaires have started is a lobbying campaign with million-dollar donations so that the measure does not prosper, according to information of Bloomberg.
Image | March for Billionaires
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