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Khanna Hits Back as Silicon Valley Oligarchs Threaten Primary Challenge Over California Billionaires Tax | Common Dreams (www.commondreams.org)

submitted 5 months ago by cm0002@lemy.lol to c/usa@midwest.social

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Stephen Prager
Dec 28, 2025

US Rep. Ro Khanna defended California’s proposed tax on extreme wealth Saturday after a pair of prominent Silicon Valley venture capitalists threatened to launch a primary bid for his California House seat.

The proposal, which advocates are gathering signatures to place on the ballot in 2026, would impose a one-time 5% tax on those with net worths over $1 billion to recoup about $90 billion in Medicaid funds stripped from the state by this year’s Republican budget law. The roughly 200 billionaires affected would have five years to pay the tax.

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