Can Silicon Valley’s billionaires stop a California wealth tax? | FT #shorts
Financial TimesThe net worth of California’s billionaires was estimated by Forbes magazine at $700bn in 2019 and $2.1tn at the end of last year, union boss Dave Regan points out. His proposal would levy a one-time 5% tax on that wealth to replace federal healthcare funding stripped from the state by Donald Trump’s One Big Beautiful Bill. But ballot is also shaping up as a test of the political power and organising muscle of Silicon Valley’s billionaires. Because, ooh boy, have they noticed. #shorts #shortvideo #shortsfeed #california #wealthtax #billionaire ► Enjoying FT content? Get a daily slice of the very best FT journalism with FT Edit. Free for 30 days then just £4.99 a month See if you get the FT for free as a student (http://ft.com/schoolsarefree) or start a £1 trial: https://subs.ft.com/spa3_trial?segmentId=3d4ba81b-96bb-cef0-9ece-29efd6ef2132. ► Check out our Community tab for more stories: https://www.youtube.com/@FinancialTimes/community ► Listen to our podcasts: https://www.ft.com/podcasts ► Follow us on Instagram: https://www.instagram.com/financialtimes ► Follow us on Instagram: https://www.tiktok.com/@financialtimes