"I'm all for taxing billionaires, but I think this is the wrong way to do it," Mayor Matt Mahan of San Jose told CBS News Bay Area on Thursday.
"Having California go it alone on a wealth tax is incredibly risky, and it particularly threatens the industry that my community, San Jose, Silicon Valley, relies on," he told Reed Cowan.
"I don't think high net worth individuals should be able to borrow against their unrealized stock options or stock gains as a way to avoid paying taxes. I think there are some loopholes that would generate more revenue and just create a tax code that's fairer for everyone, so that stuff makes a lot of sense," he said.
"Just in the last five years fraudulent unemployment claims in California have amounted to somewhere between $20 and $30 billion in total," he said.
"Collectively, they have $2 trillion in wealth — an almost unimaginable amount of money," said a statement on the campaign's website. "Most of their wealth is invested in the stock market and other holdings and will never be taxed in their lifetimes due to state and federal tax loopholes. A one-time tax on these very wealthy individuals is a commonsense solution to the looming devastation facing our healthcare system."
According to a summary by California's Attorney General, the tax would be applied to assets including: • Businesses • Securities, such as stocks and bonds • Art • Collectibles • Intellectual property
If approved, billionaires would have to pay the tax in 2027 or could opt to spread payments across five years for an additional annual nondeductible charge of 7.5% of the remaining unpaid balance.
According to the text of the proposal, the measure covers billionaires who are residents of the state as of Jan. 1, 2026.
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