BERITAJA serves as a prominent international news platform, geared towards the dissemination of significant events and trending narratives from across the nation.
Our coverage encompasses a diverse array of topics, including local and national affairs, political developments, business trends, technological innovations, and community updates.
The content we provide is meticulously curated and refined to maintain clarity and pertinence for our readership.
The contentious atmosphere surrounding California’s proposed ‘Billionaires’ Tax’ has taken an unexpected turn. Recently, amid growing discontent among tech luminaries regarding the much-maligned legislation, news surfaced that an event dubbed the “March for Billionaires” is set to occur in San Francisco.
An online platform advertising the occasion emerged, conveying a simple yet striking message: “Vilifying billionaires is popular. Losing them is expensive.”
Initial reactions were rife with skepticism, and many perceived the announcement as an elaborate jest. “Is this simply a joke or satire?” queried one social media user shortly after the news spread. It has since been clarified, however, that the march is indeed not a farce, and is scheduled to transpire this coming Saturday.
The San Francisco Examiner initially reported that Derik Kaufmann, the founder of AI startup RunRL, which previously participated in the Y Combinator program, is the event’s orchestrator.
Kaufmann assured the Examiner that the march is devoid of external financial support or organizational backing from affluent entities or corporations—it’s solely his initiative.
In a dialogue with TechCrunch, Kaufmann—who mentioned he is no longer involved with RunRL—articulated that the impetus for the anticipated rally stems from California’s projected wealth tax, which he argues could be “quite detrimental to the tech economy.”
The legislation in question, the Billionaire Tax Act, was introduced last year. It mandates a one-time 5% tax on the total wealth of Californians earning over $1 billion.
Supported by the state’s healthcare union, SEIU (Service Employees International Union), the tax aims to fund essential public services and mitigate potential reductions in federal funding, according to certain analysts.
Nonetheless, the proposal has incited considerable outcry from prominent figures in the tech industry, many of whom have either threatened an exodus from California or have already departed. Additionally, it has prompted a flood of lobbying efforts in the California legislature, aimed at quashing the bill.
When queried about his opposition to the tax, Kaufmann expressed concern for its potential ramifications on the startup ecosystem in Silicon Valley. “This tax, in particular, is fundamentally flawed,” he asserted. “It targets startup founders whose wealth is primarily theoretical.
They could be compelled to liquidate shares under unfavorable terms, incurring capital gains taxes and relinquishing control. This also raises the issue of valuing private companies.”
“Numerous founders would be struck with disproportionately high tax bills,” Kaufmann elaborated. “Moreover, there’s no precedent for such a broad wealth tax in the U.S. Sweden abolished theirs two decades ago to prevent capital flight and foster entrepreneurship, resulting in 50% more billionaires per capita compared to the U.S.”
Techcrunch event Boston, MA June 23, 2026
Online discourse surrounding Kaufmann’s planned event fluctuates between incredulity and ridicule. “I can’t envision billionaires marching in the streets,” remarked one social media user regarding the occasion.
The skepticism appears well-founded.
Kaufmann informed TC that, thus far, he is unaware of any actual billionaires planning to attend the march organized in their honor. He anticipates “a handful of attendees,” although he emphasized uncertainty about the actual turnout.
The pervasive outrage regarding the proposed tax seems somewhat humorous, considering its low likelihood of enactment. California Governor Gavin Newsom has previously indicated that, should the measure somehow pass, he would veto it.
Source link: Beritaja.com.
