Congrats to anyone who had a “March for Billionaires” on their 2026 bingo card. We definitely didn’t, but maybe that’s because we’ve lost touch with the everyday struggles of the ultra-rich.
Yes, the “March for Billionaires” was an honest-to-goodness rally, held Saturday in San Francisco. Organized by startup founder Derik Kauffman, the awkwardly named protest aimed to raise opposition to a proposed ballot measure that would slap a 5% tax on Californians with more than $1 billion in assets.
Somewhere in the afterlife, Louis XIV is thinking, “Finally, people who understand branding.”
Predictably, the march drew few sympathetic attendees — and plenty of mockery. There was a modest counter-protest, with humorously dressed activists (think crowns and tiaras) and plenty of signs reading “Eat the Rich.”
Jokes aside, the SEIU-backed proposal is generating some real anxiety. The measure faces opposition from California Gov. Gavin Newsom, who has warned it could carry unintended consequences for the broader economy.
A December analysis from the nonpartisan Legislative Analyst’s Office underscores those concerns. The report estimates the tax could generate tens of billions of dollars in short-term revenue. But it also cautions some ultra-wealthy residents might leave the state, potentially costing California hundreds of millions of dollars a year in lost income tax revenue over time. That would deal an especially severe blow to Silicon Valley, where most of California’s 200+ billionaires work and live.
The proposal has divided Democrats. Many of the gubernatorial candidates — including former Rep. Katie Porter, former Health and Human Services Secretary Xavier Becerra, former L.A. Mayor Antonio Villaraigosa, and San Jose Mayor Matt Mahan — oppose the tax. But the measure is supported by Tom Steyer, another candidate for Governor, and Rep. Ro Khanna (D-CA 17).
To qualify for the November ballot, organizers must collect around 875,000 valid signatures by June 24.