A proposal to tax the accumulated wealth of California billionaires has ignited a political uproar in Silicon Valley and across the stateCalifornia Gov. Gavin Newsom speaks during his State of the State address Thursday, Jan. 8, 2026, in Sacramento, Calif. (AP Photo/Godofredo A. Vásquez)California Gov. Gavin Newsom speaks during his State of the State address Thursday, Jan. 8, 2026, in Sacramento, Calif. (AP Photo/Godofredo A. Vásquez)LOS ANGELES -- A proposed billionaires' tax in California has ignited a political uproar in Silicon Valley, with tech titans threatening to leave the state while Democratic Gov. A technology mecca, California has more billionaires than any other state — a few hundred, by some estimates. Associated Press writer Sophie Austin in Sacramento, California, contributed.

Source: Forbes January 14, 2026 10:05 UTC