California Billionaires Tax: Ro Khanna Defends Proposal Against Wealthy Outcry

California's Billionaire Tax Proposal

• 💡 A proposal is gathering signatures in California to place a one-time 5% tax on individuals with net worths over $1 billion on the 2026 ballot.
• 🎯 The goal is to recoup approximately $90 billion in Medicaid funds that were stripped from the state by a Republican budget law.
• 📌 This tax would affect roughly 200 billionaires, who would have five years to pay.

Billionaire Reactions and Ultimatum

• 😭 Several California billionaires, including Peter Thiel and Larry Page, are reportedly threatening to leave the state if the tax is implemented.
• 💰 Page, with a net worth of $258 billion, would owe $12 billion, leaving him with $246 billion.
• 💸 Thiel, with a net worth of $27.5 billion, would owe $1.2 billion, leaving him with $26.3 billion.
• 🎭 The speaker criticizes these reactions as