A proposed ballot measure in California that would increase taxes on its wealthiest residents has Pro-Trump billionaire Peter Thiel considering cutting ties with the Golden State, and Rep. Ro Khanna (D-CA) felt compelled to weigh in on the news with a sarcastic quip.
“Peter Thiel is leaving California if we pass a 1% tax on billionaires for 5 years to pay for healthcare for the working class facing steep Medicaid cuts,” Khanna said Friday night in a social media post on X. “I echo what [former President Franklin D. Roosevelt] said with sarcasm of economic royalists when they threatened to leave, ‘I will miss them very much.’”
The ballot measure is known as the California Billionaire Tax Act, and would impose a one-time 5% tax on the net worth of residents and part-time residents worth more than $1 billion. To appear on next year’s ballot, it must receive just over 870,000 signatures, and is currently in the signature-gathering phase.
And, while it’s unclear whether the measure will receive enough signatures, some of the state’s billionaires – including Thiel – are already considering leaving the state entirely, The New York Times reported Friday.
The co-founder of PayPal and Palantir, Thiel has been an outspoken supporter of Trump. He contributed $1.25 million to Trump’s 2016 campaign and was named to Trump’s transition team executive committee. Thiel has also cozied up to the second Trump administration, scoring lucrative government contracts for his company Palantir.
Thiel has been a controversial figure in the tech industry, having frequently spoken about what he’s called “the Antichrist,” which he warned is seeking to halt development of artificial intelligence. He’s estimated to be worth around $27 billion, making him among the top-100 wealthiest people on earth.
Peter Thiel is leaving California if we pass a 1% tax on billionaires for 5 years to pay for healthcare for the working class facing steep Medicaid cuts. I echo what FDR said with sarcasm of economic royalists when they threatened to leave, “I will miss them very much.” https://t.co/5N8FxBqJww — Ro Khanna (@RoKhanna) December 27, 2025
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