Silicon Valley Elite Plot Political Endowment
Silicon Valley billionaires, alarmed by potential tax hikes and regulations in California, are planning a $500 million endowment to influence state politics. This fund aims to give wealthy Californians unprecedented power to sway policy outcomes, especially those affecting the tech sector and high-net-worth individuals.
The proposed "California Renewal Project" aims to create a permanent political fund by investing the principal and using the returns for political contributions. Organizers are initially targeting $100 million in commitments this year, with the goal of growing the fund to between $500 million and $1 billion over time. Investor Joe Lonsdale stated the project aims for a more level political playing field, focusing on moderate, pro-growth policies to make California more affordable. This initiative emerges as California prepares for intense battles over a proposed "billionaire tax" and various ballot initiatives. The "2026 Billionaire Tax Act" would impose a one-time 5% tax on California residents with a net worth exceeding $1 billion as of December 31, 2026. The measure requires supporters to gather 874,641 valid signatures by June 24, 2026, to qualify for the November 2026 ballot. The fund will operate under California's campaign finance rules, requiring registration, reporting, and disclosure of top contributors to the Fair Political Practices Commission (FPPC). The FPPC can review filings and impose penalties for non-compliance. Reform California has also launched a signature drive for the "Stop the Savings Tax Initiative" to block taxes on savings accounts, retirement funds, investments, and property.
