Bay Area billionaires are fighting California’s proposed wealth tax on fortunes over $50 million, fearing it could drive people and investment out.

Bay Area billionaires are intensifying efforts to block California’s proposed wealth tax, funding opposition campaigns and lobbying lawmakers, as the state moves forward with a plan to tax ultra-high-net-worth individuals on assets exceeding $50 million. The initiative, backed by Governor Newsom and progressive lawmakers, aims to generate billions in revenue for public services, but critics, including wealthy donors and business groups, argue it could drive residents and investment out of the state. The debate has become a flashpoint in broader national discussions about wealth inequality and taxation.