/Tech5h ago

Representative Ro Khanna defends proposed 2% California billionaire tax against VC warnings of capital flight

Story Overview

Representative Ro Khanna is countering venture capital warnings that a proposed 2% one-time wealth tax on California's roughly 250 billionaires would spark capital flight, instead pointing to the state's capture of 85% of Q1 2026 U.S. venture funding as evidence that the innovation ecosystem stays put even under existing tax loads. The move ties into an ongoing ballot initiative originally pitched at 5% that backers later floated softening to 2% in exchange for legislative backing, with proceeds aimed at plugging Medi-Cal shortfalls and related healthcare gaps.

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#194

Original post

Dan Scheinman@dscheinm

One idiot politician is trying to destroy California to run for President.

Ro Khanna@RoKhanna

250 billionaires own half of California GDP.

Taxing them at 2% would save healthcare for millions. Healthcare workers have already compromised from 5%.

85% of VC money came to California in Q1 2026. The capital flight argument is nonsense.

The only reason to oppose this is if you want to protect the donor class.

It's about protecting money in politics.

I want a Democratic party that will stand for the working class.

This is a moral test for our party.

Whose side are you on?

https://www.nytimes.com/2026/06/18/us/union-california-billionaire-tax-reduces-rate.html?smid=nytcore-ios-share via @NYTimes

1:16 PM · Jun 19, 2026 · 64.6K Views

Policy Risk

The numbers behind the revenue pitch

Backers estimate the original 5% version would raise around $100 billion from net worth above the $1–1.1 billion threshold, split mostly toward healthcare programs, though the 2% compromise version leaves the final yield and collection mechanics unresolved.

Open Question

VC pushback versus state leverage

Figures like Mike Maples Jr. have labeled the defense propaganda, while Khanna highlights public research funding and talent concentration as retention factors; whether any actual departures materialize stays an open variable.

Sentiment

Many users attacked Ro Khanna as a scumbag con artist and parasitic opportunist for urging a 2% tax on billionaires to fund California healthcare, while blaming idiot voters and wasteful government for the state's decline.

Pos

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Neg

100.0%

21 comments with sentiment.

Cluster Engagement

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VIEWS2KLIKES34RETWEETS1

Mike Maples, Jr@m2jr

You can’t spell pROpaganda without Ro.

Ro Khanna@RoKhanna

250 billionaires own half of California GDP.

Taxing them at 2% would save healthcare for millions. Healthcare workers have already compromised from 5%.

85% of VC money came to California in Q1 2026. The capital flight argument is nonsense.

The only reason to oppose this is if you want to protect the donor class.

It's about protecting money in politics.

I want a Democratic party that will stand for the working class.

This is a moral test for our party.

Whose side are you on?

https://www.nytimes.com/2026/06/18/us/union-california-billionaire-tax-reduces-rate.html?smid=nytcore-ios-share via @NYTimes

2h2K340

REPLIES2

Manish Bidasaria@GammaOverTheta

@dscheinm Two. Don't forget Newsom.

California deserves better than these parasitic opportunists.

12h3565

Sideshow Mel@sideshow1mel

@dscheinm Good thing he can insider trade or he would be as poor as all of us. Scumbag politician

12h2673

Elie Seidman@elieseid

@dscheinm The entire thread of his back and forth is nuts. He’s a con artist.

11h2184

Broseph 📘@based_broseph

@GammaOverTheta @dscheinm Newsom, as bad as he is, is leagues better than Khanna.

10h371

Grant David Gillham 🛩🔫🇺🇸🇲🇽🏍🟢🌊🏌️‍♂️⛳🎸🐎@CaptG2

@dscheinm Actually, millions of idiot voters have destroyed California.

10h71

Wilson@sfwilson3

@dscheinm SV biggees must roll their eyes at this guy.

11h1521

Wat@JamesStoverAnth

@dscheinm He really hoodwinked his district

17h901

CodeSeekerVII@restoholic

@dscheinm You're living up to the greedy Jew meme when you complain about 2% tax for billionaires.

4h601

PaintSandRepeat@SandRepeat

@dscheinm @naval Oh there’s a few, not just one

5h591

JuanSanchez@JuanSanchez0x0

@dscheinm He'll achieve his goal of destroying CA.

5h163

Agathatopian@MagisFuturum

@dscheinm This is unfair to Ro. Gavin is trying too, so it is at least two idiots.

4h461

eko tres@eko_dot_tres

@dscheinm it’s more than one lol

11h104

Jatin Gupta@NeuralJatin

@dscheinm @naval What about Newsom?

4h16

Christopher Lochhead 🏴‍☠️ ✍🏼🎙@lochhead

@dscheinm @naval Have you noticed… 🤔 There are people who don't hate that there are poor people.

They hate that there are successful people.

42m15

jay bhatti@jaybhatti

@dscheinm @MorganWBender All socialists rise by burning

1h8

Filosophy@filosophymajor

@GammaOverTheta @dscheinm Focus on ending the epidemic of child abuse in your neighborhood instead of fantasizing about California and Newsom’s BDE.

Sick how Newsom lives rent free in the brains of Republican child predators.

5h8

Gin_4_the_Win@Gin_4_the_Win

@dscheinm @naval It's the Democrat Party .... There's nothing democratic about it. @RoKhanna

1h7

Yoihenba.S@yoihenba_s7

@dscheinm @naval Demo Release for Most Powerful deployable MultiAgent. Dont let it go rouge🚨. Ive release only 30% power only. U can Integrate into ur own Agents 4 security,etc😈Dont forget to give a star on Repo too⭐️Upgrade your agents make it damn Powerful😎 #MutiAgent

5h7

Patty Wexler@patriciawexler

@dscheinm @naval https://atr.org/grover-norquist-letter-to-ro-khanna-pay-your-wealth-tax/

1h6