Khanna Seeks State Wealth Tax Compromise

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Rep. Ro Khanna (D-Calif.) is working to broker a deal between tech industry and labor leaders over a proposed California wealth tax that has faced pushback from Silicon Valley billionaires. The group plans to meet at Stanford University in March to discuss tax proposals that could generate revenue to offset federal healthcare cuts while gaining support from the state's wealthiest residents.

Why it matters

California's proposed wealth tax has become a contentious issue, pitting the state's tech titans against lawmakers seeking to generate more tax revenue. Khanna's effort to find a compromise solution could have significant implications for how the state addresses growing wealth inequality and funds critical public services.

The details

The March meeting at Stanford University will bring together tech industry leaders and labor representatives to discuss potential wealth tax proposals that could gain support from Silicon Valley's billionaires. The goal is to find a tax plan that can offset billions in expected federal healthcare funding cuts for California while still being palatable to the state's wealthiest residents, whose fortunes have surged in recent years.

• The meeting is expected to take place in March 2026.

What they’re saying

What’s next

The March meeting at Stanford University will be a key step in determining whether a compromise can be reached on California's proposed wealth tax.