Ro Khanna

A proposed wealth tax in California, supported by Rep. Ro Khanna and labor unions, targets billionaires with a 5% levy on assets to fund healthcare. This initiative faces strong opposition from Silicon Valley tech leaders who warn of a talent exodus, with venture capitalists criticizing Khanna’s approach. The tax could affect unrealized gains for startup founders. While Khanna advocates for adjustments for startups, Governor Newsom expresses caution. Public support for taxing the wealthy is high, though Republicans are reportedly gaining ground in Silicon Valley. Khanna’s safe congressional seat, however, offers him electoral protection.