Billionaires Fund Opposition to Wealth Tax Measures
High-net-worth investors are bankrolling PACs to defeat a proposed 5 percent personal wealth tax in California.
Updated on Oct. 21, 2026 in Philanthropy
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Billionaire investor George Marcus has contributed $2 million to a political action committee working to defeat California's proposed wealth tax ballot measures. The PAC is actively financing opposition to the state-wide initiative, which faces a voter decision in November 2026.
Why it matters
Operators face significant tax uncertainty as California voters weigh a one-time 5 percent levy on personal wealth. The funding surge into the Building a Better California PAC highlights the heavy private-sector capital being deployed to block fiscal policy changes that target high-net-worth individuals.
George Marcus, with a net worth of $1.5 billion, contributed $2 million to the Building a Better California PAC. This donation comes alongside a $4.5 million contribution from Stewart Resnick, as stakeholders mobilize against the proposed 5 percent personal wealth tax.
The players
George Marcus
Investor and real estate executive with a net worth of $1.5 billion.
Stewart Resnick
Billionaire agricultural and commercial business leader who contributed $4.5 million to the PAC.
Matt Mahan
San Jose official currently campaigning for the office of governor.
Xavier Becerra
Public official and recipient of prior campaign donations from George Marcus.
Building a Better California
Political action committee leading the opposition against state wealth tax ballot measures.
The details
The Building a Better California PAC is using these funds to organize opposition against Propositions 41 and 42. The proposed legislation would impose a one-time 5 percent wealth fee, which would equate to an estimated $75 million tax liability for Marcus. This funding represents a strategic shift toward aggressive lobbying efforts ahead of the fast-approaching November vote.
Timeline
2026: Marcus donated to the gubernatorial campaign of Matt Mahan.
October 15, 2026: George Marcus donated $2 million to the PAC.
November 2026: California voters decide on the proposed wealth tax measures.
Market Landscape
The push against California Propositions 41 and 42 marks a significant escalation in industry-led resistance to wealth-based taxation. This effort aligns with broader trends of high-net-worth stakeholders attempting to influence state fiscal policy before it reaches the ballot.
Business owners should monitor the outcome of the November 2026 ballot, as the passage of these measures could force a reevaluation of wealth management and liquidity strategies. Consult with qualified tax counsel to understand how these proposed legislative changes might impact individual and entity-level tax liabilities.
The takeaway
Large-scale political donations against tax measures highlight the growing influence of private wealth on state ballot outcomes. Operators should track the final vote count in November 2026 to determine if personal wealth tax liabilities require immediate adjustments to their financial planning.
Further reading
For broader insight on how personal capital influences state-level policy, see our Philanthropy coverage.
Source note: This article includes information reported by The Real Deal New York.
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