Billionaire's Tax Sparks 'March for Billionaires' in San Francisco

A Hoax or Real Protest?

Published on Feb. 6, 2026

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The debate surrounding California's proposed 'Billionaire Tax Act' has taken a bizarre turn with the planned 'March for Billionaires' in San Francisco this coming Saturday. While the legislation faces an uphill battle – and a likely veto from Governor Gavin Newsom – the reaction from some in the tech industry has been surprisingly vocal, and now, demonstrably public.

Why it matters

The situation highlights a growing tension between wealth, taxation, and the future of California's tech economy. The debate isn't simply about the money; it's about the perceived threat to innovation and entrepreneurship.

The details

The proposed tax, sponsored by the Service Employees International Union-United Healthcare Workers West (SEIU), would impose a one-time 5% tax on the net worth of California residents exceeding $1 billion. Proponents argue it could raise approximately $100 billion for state-funded healthcare and offset federal funding cuts. But, critics, particularly within Silicon Valley, claim it will be 'quite damaging to the tech economy.' Derik Kaufmann, the founder of AI startup RunRL and the organizer of the march, expressed concern that the tax disproportionately impacts startup founders. He argues that founders whose wealth is primarily tied to company equity would be forced to liquidate shares, potentially incurring capital gains taxes and losing control of their companies.

  • The proposed 'March for Billionaires' is planned for this coming Saturday.

The players

Derik Kaufmann

The founder of AI startup RunRL and the organizer of the 'March for Billionaires'.

Gavin Newsom

The Governor of California, who has indicated he would veto the Billionaire Tax Act if it reaches his desk.

Vinod Khosla

A venture capitalist who publicly criticized Representative Ro Khanna for supporting the Billionaire Tax initiative.

Ro Khanna

A Representative who supports the Billionaire Tax Act.

Service Employees International Union-United Healthcare Workers West (SEIU)

The union that is sponsoring the proposed Billionaire Tax Act.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.