Architect of California Billionaire Tax Rebukes Washington Post Analysis

Overview

• The Washington Post editorial board warned the proposed 5% levy on billionaire assets would cut $3.5 billion to $4.5 billion a year from other state taxes and up to $19 billion in GDP, citing a California Tax Foundation paper.
• Emmanuel Saez, who designed the measure for a union-backed campaign, said those projections model the wrong policy because the proposal is a one-time tax that applies to billionaires who lived in California after January 1, 2026.
• Saez said estimates of what Sergey Brin, Larry Page, and Mark Zuckerberg pay in California income tax are overstated, pointing to SEC filings that put their 2025 payments near $269 million and an average near $22 million from 2019 to 2025.
• Supporters say the tax would raise about $100 billion to replace recent federal health funding cuts, citing thousands of hospital layoffs and warnings that more facilities could close without new state revenue.
• The fight now includes media scrutiny, with critics accusing owner Jeff Bezos of steering Post opinion coverage, while San Francisco Chronicle op-eds lay out pro and con cases as signature verification continues for a potential November ballot.