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California Billionaires Are Freaking Out Over a New Tax Proposal

February 12, 2026·19 min·1 clip

Billionaires in a secret Signal chat called 'Save California' blast the tax as communism and threaten to leave.

This episode investigates a proposed one-time 5% tax on California billionaires' assets to fund Medicaid, sparked by a healthcare union. It explores the intense backlash from tech elites, including secret group chats and residency challenges, while debating the state's relationship with its wealthiest residents.

As heard by us

A sharp primer on California's billionaire tax fight and the hard problem of valuing untaxed wealth.

The Journal gives California's billionaire tax proposal a clear, business-minded treatment, framing it as both a fiscal experiment and a political flashpoint.

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