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Fortune • • business
Key Points:
- Peter Thiel donated $3 million to the California Business Roundtable on December 29, marking his largest political contribution since the 2022 midterms and the first major funding publicly linked to opposition against California’s billionaire tax proposal.
- The California Business Roundtable, a key lobbying group for corporate interests, is expected to coordinate business community efforts to defeat the proposed 2026 Billionaire Tax Act, which would impose a one-time 5% tax on net worth exceeding $1 billion.
- The tax targets a broad range of assets including privately held businesses, stocks, and intellectual property, but excludes real estate and certain retirement accounts; payments would begin in 2027 with penalties for deferred payments.
- The proposal has sparked concern
