{"id":16420,"date":"2026-02-06T15:39:22","date_gmt":"2026-02-06T23:39:22","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=16420"},"modified":"2026-02-10T15:45:50","modified_gmt":"2026-02-10T23:45:50","slug":"wealth-tax-news-2-6-2026","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/taxes\/wealth-tax-news-2-6-2026\/","title":{"rendered":"Wealth Tax News – 2\/6\/2026"},"content":{"rendered":"

[et_pb_section fb_built=”1″ _builder_version=”4.16″ custom_padding=”4px|||||” global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_divider color=”#397389″ divider_weight=”2px” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_video src=”https:\/\/www.youtube.com\/watch?v=uisz1uwEHqg” disabled_on=”on|on|on” _builder_version=”4.27.5″ _module_preset=”default” disabled=”on” global_colors_info=”{}”][\/et_pb_video][et_pb_text admin_label=”1″ _builder_version=”4.27.5″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n

Building on last week\u2019s divide, the California debate has sharpened around the mechanics and consequences of the proposed one\u2011time 5%\u00a0wealth<\/span>\u00a0tax<\/span>\u00a0on billionaires. Rep. Ro Khanna (D-CA) is pushing for a compromise amid backlash from industry leaders like Sergey Brin and others, who are funding opposition campaigns and threatening to relocate.<\/strong><\/h2>\n

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Gov. Gavin Newsom remains firmly opposed on competitiveness grounds, exposing some fault lines among California\u2019s Democrats.<\/strong><\/em><\/u><\/u><\/h3>\n

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<\/a>California<\/u><\/b><\/u><\/b><\/h4>\n

<\/a>Teamsters union endorses California’s proposed 5%\u00a0wealth<\/span>\u00a0tax<\/span>\u00a0on billionaires – Fox Business<\/a><\/u>
Teamsters California formally endorsed California’s one-time 5%\u00a0wealth<\/span>\u00a0tax<\/span>\u00a0ballot initiative. Supporters of the initiative frame the\u00a0tax<\/span>\u00a0as protecting workers amid AI-driven job threats, while Gov. Gavin Newsom opposes it as harmful to the state\u2019s economy, and several prominent billionaires have already moved assets or signaled relocation in response.<\/p>\n

Billionaire\u00a0Tax<\/span>\u00a0Backlash Has Khanna Seeking Compromise – Bloomberg Law<\/a>
<\/u>Rep. Ro Khanna (D-CA) is pushing for a compromise on the proposed\u00a0wealth<\/span>\u00a0tax<\/span>\u00a0ballot initiative amid backlash from industry leaders like Sergey Brin and others, who are funding opposition campaigns and threatening to relocate. Industry and union leaders will meet in late February to explore alternatives such as taxing loans taken out against current assets rather than taxing unrealized gains that may involve illiquid stock, which are intended to address tech concerns over the\u00a0wealth<\/span>\u00a0tax<\/span>\u00a0proposal\u2019s potential to force company sales or create other impediments for startups. Rep. Khanna highlighted the importance of preserving Silicon Valley\u2019s \u201cinnovation miracle\u201d by excluding illiquid holdings, non-voting shares, and emerging ventures from taxes, while finding revenue to offset federal Medicaid cuts.<\/p>\n

Majority of California voters back billionaire\u00a0wealth<\/span>\u00a0tax<\/span>\u00a0even when aware of economic risks, survey shows – FOX Business<\/a><\/u>
According to a new survey, 60% of likely California voters support the billionaire\u00a0wealth<\/span>\u00a0tax<\/span>, even as majority of those same respondents say the move would spark job losses and business exodus. Gov. Gavin Newsom opposes the measure, warning it could reduce funding for schools, public safety, and other core services and would not fix the state\u2019s structural budget problems.<\/u><\/u><\/p>\n

The ultra rich say they\u2019ll leave California if a\u00a0wealth<\/span>\u00a0tax<\/span>\u00a0passes \u2014 history shows otherwise – Times of San Diego<\/a><\/u>
The author argues that\u00a0threats\u00a0of billionaire and business flight\u00a0over the\u00a0proposed\u00a0wealth<\/span>\u00a0tax<\/span>\u00a0are\u00a0likely overstated. It discussed historical data from\u00a0Massachusetts,\u00a0New Jersey and New York\u00a0tax<\/span>\u00a0hikes showing minimal net outmigration due to deep business, family, and lifestyle ties keeping most\u00a0wealthy<\/span>\u00a0residents in place.<\/u><\/u><\/p>\n

Why the California\u00a0wealth<\/span>\u00a0tax<\/span>\u00a0proposal is great news for Texas – The Dallas Morning News<\/a><\/u>
The author argues that\u00a0California’s\u00a0wealth<\/span>\u00a0tax<\/span>\u00a0proposal\u00a0could drive billionaires and capital to Texas. Texas’s low-tax<\/span>\u00a0(zero personal income\u00a0tax<\/span>), business-friendly advantages\u00a0could\u00a0accelerate\u00a0this shift in tech and finance sectors.<\/u><\/u><\/p>\n

Californians are asking, is it time to raise taxes on the rich? – Deseret News<\/a><\/u>
Some Patriotic Millionaires back California\u2019s proposed, one-time 5%\u00a0wealth<\/span>\u00a0tax<\/span>\u00a0on residents with over $1 billion in net worth. Some tech figures like David Sacks are threatening to leave while supporters of the proposal such as Scott Ellis, argues it\u2019s \u201cnot a crazy thing to be rich and patriotic\u201d and that the\u00a0wealthy<\/span>\u00a0should contribute more.\u00a0 Gov. Gavin Newsom opposes the initiative, while Mitt Romney has called for higher contributions from the rich even though stopping short of endorsing a\u00a0wealth<\/span>\u00a0tax<\/span>.<\/u><\/u><\/p>\n

A 5%\u00a0wealth<\/span>\u00a0tax<\/span>\u00a0would drive billionaires out of California – The Economist<\/a><\/u>
The mere prospect of the billionaire\u00a0tax<\/span>\u00a0has prompted vocal pushback and strategic relocations by tech billionaires, alongside warnings from California\u2019s Legislative Analyst\u2019s Office that taxing illiquid, unrealized gains could drive high earners out of state and ultimately shrink the general fund, given the top 1% pay nearly 40% of state income taxes. Economists like Enrico Moretti note that\u00a0wealthy<\/span>\u00a0individuals often move to avoid state-level levies when combined with high income taxes, and Bay Area leaders worry the design would hit startup equity especially hard.<\/u><\/u><\/p>\n

Democratic fault lines emerge over California’s billionaire\u00a0tax<\/span>\u00a0proposal – NBC News<\/a><\/u><\/u><\/u><\/p>\n

California’s Democrats\u00a0are\u00a0divided on the billionaire\u00a0tax<\/span>\u00a0proposal, with Gov. Gavin Newsom and several gubernatorial contenders opposing it while Rep. Ro Khanna and Sen. Bernie Sanders support it, framing the fight as a broader test of the party\u2019s economic agenda ahead of 2028.<\/u><\/u><\/p>\n

Josh Altman sounds alarm on California\u00a0wealth<\/span>\u00a0tax<\/span>, says workers would pay the price – FOX Business<\/a><\/u>
Real\u00a0estate broker Josh Altman warned the\u00a0wealth<\/span>\u00a0tax<\/span>\u00a0would harm middle-class workers more than billionaires. It discussed how the rich could relocate or restructure assets, leading to job losses, reduced property values, and broader economic pain.<\/u><\/u><\/p>\n

Would California voters actually support a\u00a0wealth<\/span>\u00a0tax<\/span>\u00a0on billionaires? \u2013 Orange County Register<\/a><\/u>
Gov. Gavin Newsom opposes the proposed billionaire\u00a0tax<\/span>\u00a0as \u201cbadly drafted,\u201d warning it could spur\u00a0wealthy<\/span>\u00a0flight; the proposal may also face pushback from other unions and could affect another measure to continue a high\u2011income surtax through 2030. A poll commissioned by opponents showed a bare plurality when voters heard the official wording, but support fell after a counterargument\u2014leaving voter sentiment uncertain.<\/u><\/u><\/p>\n

A Better Way to\u00a0Tax<\/span>\u00a0Billionaires – Capitol Weekly<\/a><\/u><\/u><\/p>\n

The author argues that instead of California\u2019s proposed billionaire\u00a0tax<\/span>, lawmakers should curb high-net-worth taxpayers\u2019 \u201cbuy, borrow, die\u201d strategy by taxing certain loan proceeds used to fund consumption, using factors like borrower net worth, collateral, loan-to-value, recourse, related-party involvement, and use of proceeds. This approach is feasible, grounded in existing concepts like the constructive sale doctrine, and would better ensure high-net-worth taxpayers realize income for\u00a0tax<\/span>\u00a0purposes without a radical departure from current law.<\/p>\n

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The need for fact-based reporting of issues important to family owned businesses<\/a> and protecting a lifetime of savings<\/a> has never been greater. Now more than ever, successful families<\/a> and family owned businesses<\/a> are under fire. That’s why Family Enterprise USA<\/a> is passionately working to increase the awareness of issues important to family owned businesses<\/a> built on hard work, while continuing to strengthen our presence on Capitol Hill. The issues we fight for or against with Congress in Washington DC include high income tax rates<\/a>, possible elimination of valuation discounts, increase in capital gains tax<\/a>, enactment of a wealth tax<\/a>, and the continued burden of the gift tax<\/a>, estate tax<\/a> and generation skipping tax<\/a>.<\/p>\n

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Building on last week\u2019s divide, the California debate has sharpened around the mechanics and consequences of the proposed one\u2011time 5%\u00a0wealth\u00a0tax\u00a0on billionaires. Rep. Ro Khanna (D-CA) is pushing for a compromise amid backlash from industry leaders like Sergey Brin and others, who are funding opposition campaigns and threatening to relocate.   Gov. Gavin Newsom remains firmly […]<\/p>\n","protected":false},"author":2,"featured_media":16422,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[48,92,76,36,115],"tags":[],"class_list":["post-16420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-multi-generational-business","category-income-taxes","category-taxes","category-wealth-tax"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/16420","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16420"}],"version-history":[{"count":4,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/16420\/revisions"}],"predecessor-version":[{"id":16426,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/16420\/revisions\/16426"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/16422"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}