Peter Thiel donates $3 million to committee opposing California wealth tax

Peter Thiel donated $3 million on Dec. 29 to Californians Against Higher Taxes, a committee run by the California Business Roundtable that is opposing a proposed California wealth tax, according to a new disclosure. The contribution is the first seven-figure political donation publicly reported so far to fight the so‑called billionaires tax and is not specifically earmarked for the measure, though the disclosure says it will help the business lobby achieve its goals.

Rob Lapsley, the lobby’s president, said he was “casting a broad net to donors all over the state — he’s one of hundreds we have,” and the group expects to be a lead backer of a major campaign to beat the proposal. Some opponents estimated that more than $75 million will be spent to try to defeat it.

The initiative, put forward by a state health care union and intended to offset federal budget cuts affecting California’s health care system, would tax residents worth more than $1 billion the equivalent of 5 percent of their assets and would apply retroactively to anyone who lived in the state as of Jan.

1. It must first collect nearly 900,000 signatures to qualify for the November ballot; Gov. Gavin Newsom has said he opposes the measure, calling it bad policy and arguing it would lead billionaires to move out of state. Thiel’s $3 million is his largest disclosed political contribution since the 2022 midterms, when he spent more than $35 million, and the disclosure lists him as based in Florida.

Key Topics

Politics, Peter Thiel, California Wealth Tax, California Business Roundtable, Gavin Newsom, Thiel Capital