{"id":2690945,"date":"2026-10-24T19:19:01","date_gmt":"2026-10-24T23:19:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/this-isnt-what-dems-had-in-mind-calis-wealth-tax-plan-handed-billionaire-zuckerberg-a-massive-pay-increase\/"},"modified":"2026-10-24T19:19:01","modified_gmt":"2026-10-24T23:19:01","slug":"this-isnt-what-dems-had-in-mind-calis-wealth-tax-plan-handed-billionaire-zuckerberg-a-massive-pay-increase","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/this-isnt-what-dems-had-in-mind-calis-wealth-tax-plan-handed-billionaire-zuckerberg-a-massive-pay-increase\/","title":{"rendered":"This Isn&#8217;t What Dems Had in Mind: Cali&#8217;s Wealth Tax Plan Handed Billionaire Zuckerberg a Massive Pay Increase"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">36<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fthis-isnt-what-dems-had-in-mind-calis-wealth-tax-plan-handed-billionaire-zuckerberg-a-massive-pay-increase%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2690945&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><br \/>\n<!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><html><body><\/p>\n<section> \t\t\t\t<script>console.log(\"ad slot (AC1)\")<\/script><script>console.log(\"ad slot (IC1)\")<\/script><script>console.log(\"ad slot (IC2)\")<\/script><script>console.log(\"ad slot (IC3)\")<\/script><script>console.log(\"ad slot (IC4)\")<\/script><\/p>\n<p>Meta CEO Mark Zuckerberg agreed to remain in California if voters pass an initiative to tax billionaires after striking a deal with the company\u2019s board.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">Zuckerberg previously told Meta\u2019s board he would consider moving his primary residence out of California if Proposition 40, a ballot initiative that would impose a one-time 5% tax on the wealth of billionaires, passes.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">The company agreed that Zuckerberg would receive non-voting s he could sell to cover a potential wealth tax bill in exchange for his commitment to remain in California, where Meta is headquartered.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">Zuckerberg has a $224 billion net worth, making him the sixth richest man in the world, <a class=\"LexicalEditorTheme__link\" href=\"https:\/\/www.forbes.com\/profile\/mark-zuckerberg\/?ctpv=rtb&#038;list=rtb\" target=\"_blank\" rel=\"noopener\">according<\/a> to Forbes. He could immediately sell 20% of the Class C s he receives, representing 10% of his overall economic stake in the company, <a class=\"LexicalEditorTheme__link\" href=\"https:\/\/www.reuters.com\/business\/meta-strikes-deal-keep-zuckerberg-california-after-wealth-tax-concerns-2026-10-22\/\" target=\"_blank\" rel=\"noopener\">according<\/a> to Reuters. <b><\/b><\/p>\n<p class=\"LexicalEditorTheme__paragraph\">Meta said Wednesday that it planned to issue a new class of non-voting Class C common stock in January 2027 to help fund acquisitions and keep top talent while maintaining Zuckerberg\u2019s control of the company, <a class=\"LexicalEditorTheme__link\" href=\"https:\/\/www.foxbusiness.com\/business-leaders\/meta-agrees-let-mark-zuckerberg-remain-california-amid-proposed-billionaire-wealth-tax\" target=\"_blank\" rel=\"noopener\">according<\/a> to Fox Business.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">If passed, the tax would be due in 2027, although payments could be spread over five years at an additional cost. Real estate, retirement accounts and pensions would generally be excluded.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">The initiative intends to provide financial assistance following the federal and state-level cuts to healthcare, food assistance and K-14 public education programs, according to the California Budget &#038; Policy Center.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">It would create a special fund, the 2026 Billionaire Tax Reserve Fund, to hold the revenue.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">Zuckerberg <a class=\"LexicalEditorTheme__link\" href=\"https:\/\/www.realtor.com\/news\/celebrity-real-estate\/mark-zuckerberg-billionaire-bunker-mansion-record-breaking\/\" target=\"_blank\" rel=\"noopener\">bought<\/a> a $170 million mansion in Miami, Florida, just three doors down from former Amazon CEO Jeff Bezos, who left Washington state around the time it <a class=\"LexicalEditorTheme__link\" href=\"https:\/\/senatedemocrats.wa.gov\/millionaires-tax-faq\/\" target=\"_blank\" rel=\"noopener\">imposed<\/a> a 9.9% tax on household earnings exceeding $1 million per year.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">Former Starbucks CEO Howard Schultz moved from Seattle to Miami after the tax was imposed.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">Some individuals expressed concerns about the measure being a one-time tax that would only be available for a few years, according to the California Budget &#038; Policy Center.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">It would not be available to support other state services and there is uncertainty over how billionaires would respond to the tax.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">There is a degree of uncertainty in estimating the potential revenue from this measure, though the Legislative Analyst\u2019s Office\u00a0<a class=\"LexicalEditorTheme__link\" href=\"https:\/\/lao.ca.gov\/BallotAnalysis\/Proposition?number=40&#038;year=2026\" target=\"_blank\" rel=\"noopener\">estimated<\/a>\u00a0that it would likely raise \u201ctens of millions\u201d of dollars in the near term.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">It could reduce state income tax collections by roughly $1 billion per year.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">Democratic California Gov. Gavin Newsom <a class=\"LexicalEditorTheme__link\" href=\"https:\/\/gavinnewsom.substack.com\/p\/its-time-for-a-national-billionaires\" target=\"_blank\" rel=\"noopener\">opposed<\/a> Proposition 40, arguing that it would not fund public schools, housing, child care and other important programs.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">\u201cI understand the anxiety driving the wealth tax proposal in California. But I\u2019m voting no because this measure dedicates almost all of the revenue it raises to a single category of state spending. It ignores our public schools, as the California Teachers Association has rightly pointed out, by failing to provide sustainable funding that our communities, parents and children deserve,\u201d Newsom said.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">\u201cIt turns a blind eye to safety-net clinics and reproductive healthcare providers that Planned Parenthood has fought for decades to protect,\u201d Newsom continued.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">\u201cThere is nothing for housing, nothing for childcare, nothing for public safety workers who must answer 911 calls, and nothing for our public universities that have powered California\u2019s economy for a decade.\u201d<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">Some Democrats, including California Rep. Ro Khanna, <a class=\"LexicalEditorTheme__link\" href=\"https:\/\/www.nytimes.com\/2026\/10\/14\/magazine\/california-billionaires-tax.html\" target=\"_blank\" rel=\"noopener\">supported<\/a> the measure.<\/p>\n<div class=\"disclaimer\">\n<p>All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter\u2019s byline and their DCNF affiliation. 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Zuckerberg previously told Meta\u2019s board he would consider moving his primary residence out of California if Proposition 40, a ballot initiative that would impose a one-time 5% tax on the<\/p>\n","protected":false},"author":1,"featured_media":2690946,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2026\/10\/IMG_4647.jpeg","fifu_image_alt":"","footnotes":""},"categories":[33651],"tags":[],"class_list":["post-2690945","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-western-journal"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2026\/10\/IMG_4647.jpeg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2690945","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2690945"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2690945\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2690946"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2690945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2690945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2690945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}