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Top Democrats join the wealthiest in fighting a California tax increase on billionaires

Katherine Langford
Katherine Langford
Editor-in-Chief · Friday, October 9, 2026 at 2:29 PM · 1 min read
Top Democrats join the wealthiest in fighting a California tax increase on billionaires — WPLG Local 10, Pinecrest Real Estate news
Image: WPLG Local 10

SACRAMENTO, Calif. (AP) — It is not just tech moguls and venture capitalists fighting a California proposal to tax the net worth of billionaires, even though they are putting up the majority of the money in one of the most expensive ballot fights in state history.Lining up alongside them is a coalition of prominent Democratic voices and party allies like Gov. Gavin Newsom, Planned Parenthood and the California Teachers Association, as well as most Republicans. They say it will drive wealthy people — and their tax money — out of California, creating bigger budget problems in the years ahead.They have raised more than $300 million in opposition to the measure, with nearly a third of that coming solely from Google co-founder Sergey Brin. That is roughly 10 times the amount raised by the “yes” side, which includes some labor unions, California Rep. Ro Khanna and Vermont Sen. Bernie Sanders. With much less money to spend, the “yes” campaign is relying heavily on Sanders and the attention he

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