Billionaire Fights California with $3 Million to Stop "Wealth Tax"

Billionaire investor Peter Thiel has donated $3 million to a campaign against a proposed California "wealth tax." The measure would target the state's richest residents. The donation signals a growing fight over the ballot proposal. It would impose a 1.5% annual tax on net worth exceeding $1 billion. That rate would rise for fortunes over $2.5 billion. Organizers need voter signatures to place the measure on the November ballot. If passed, it could generate billions for state programs like homelessness services and public schools. Thiel's contribution is the largest so far to the opposition group. More major donations from wealthy Silicon Valley figures are expected. They aim to build a strong campaign against the tax before it reaches voters. The proposal is part of a national debate on taxing extreme wealth. California's effort is being closely watched as a potential model for other states.