Khanna Faces Backlash for Billionaire Tax

California Democrat Representative Ro Khanna is facing criticism from Silicon Valley allies over his backing of a proposed wealth tax on billionaires. The 2026 Billionaire Tax Act, which would apply retroactively from January 1, 2026, is being pushed by labor groups to address a healthcare budget shortfall. Tech leaders, including Martin Casado and Garry Tan, have criticized Khanna for potentially taxing unrealized gains, which could impact startup founders with over one billion dollars in paper value from private stock. Despite national polls showing strong support for taxing the wealthy, California Governor Gavin Newsom opposes a state-level billionaire tax. Khanna has defended his position, arguing that a one to two percent tax on massive wealth wont hinder innovation. Checkout Solipillow.comThe Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.