Overview
- AI founder Derik Kauffman organized a real, self-funded March for Billionaires in San Francisco to oppose a proposed one-time 5% tax on Californians with more than $1 billion in wealth.
- Kauffman, who is not a billionaire, said no wealthy donors backed the rally and argued the tax would unfairly hit founders with mostly illiquid, on‑paper holdings.
- Roughly three dozen supporters marched from Alta Plaza Park to Civic Center as theatrical counterprotesters and a large press contingent turned the scene into a spectacle.
- The Billionaire Tax Act, backed by SEIU‑UHW, remains in the signature‑collection phase to qualify for November 2026 and would apply to residents with $1B+ net worth as of Jan. 1, 2026, with proceeds pitched for health and social services.
- Governor Gavin Newsom has vowed to fight the measure, while analysts warn of valuation hurdles and potential relocations that could blunt long‑term revenue, even as proponents frame it as a limited, one‑time levy.