{"id":48268,"date":"2026-05-15T13:15:47","date_gmt":"2026-05-15T20:15:47","guid":{"rendered":"https:\/\/occupysf.net\/?p=48268"},"modified":"2026-05-15T13:15:48","modified_gmt":"2026-05-15T20:15:48","slug":"this-california-congressional-hopeful-opposes-a-billionaire-tax-so-do-his-tech-ceo-backers","status":"publish","type":"post","link":"https:\/\/occupysf.net\/index.php\/2026\/05\/15\/this-california-congressional-hopeful-opposes-a-billionaire-tax-so-do-his-tech-ceo-backers\/","title":{"rendered":"This California Congressional Hopeful Opposes a Billionaire Tax. So Do His Tech CEO Backers."},"content":{"rendered":"\n

The largest individual donor to a PAC backing Scott Wiener has spent millions fighting billionaire tax measures.<\/p>\n\n\n\n

\"\"\/<\/a><\/figure>\n\n\n\n

Jonah Valdez<\/a><\/p>\n\n\n\n

May 14 2026 (TheIntercept.com)<\/p>\n\n\n\n

\"Scott<\/figure>\n\n\n\n

Scott Wiener debates Saikat Chakrabarti and Connie Chan for California\u2019s 11th Congressional District seat at the Sydney Goldstein Theater in San Francisco, on March 31, 2026. Photo: Carlos Avila Gonzalez\/San Francisco Chronicle via Gett<\/p>\n\n\n\n

The leading progressive<\/strong> candidate to replace longtime Democratic leader Nancy Pelosi in Congress is opposing a pair of wealth taxes on the ballot in his state and district: a one-time statewide tax on California billionaires and a local San Francisco tax on the city\u2019s wealthiest businesses and corporations. <\/p>\n\n\n\n

California state Sen. Scott Wiener\u2019s opposition might seem uncharacteristic for someone running a progressive campaign, but it\u2019s consistent with the priorities of two top donors to a super PAC backing his candidacy.<\/p>\n\n\n\n

Crypto mogul Chris Larsen and venture capitalist Garry Tan \u2014 a pair of wealthy Bay Area tech executives funding a pro-Wiener super PAC called Abundant Future \u2014 have been outspoken advocates of stopping the taxes, both of which aim to help fill funding gaps in healthcare and social services after the Trump administration\u2019s recent cuts to Medicaid. Larsen has poured millions of dollars into the fight.<\/p>\n\n\n\n

The statewide tax, known as the Billionaire Tax Act, would levy a one-time 5 percent tax on the state\u2019s billionaires\u2019 wealth and assets. The local San Francisco proposition, colloquially known as the Overpaid CEO tax<\/a>, would tax companies whose CEO makes 100 times more than their median worker, which mostly applies to companies with billionaire CEOs. Both will likely be on the ballot in November, as Wiener also hopes to be.<\/p>\n\n\n\n

Larsen, the billionaire co-founder and executive chairman of the blockchain service Ripple Labs and now a mainstay<\/a> in Bay Area political funding<\/a>, has donated $100,000 to the PAC backing Wiener \u2014 the most of any individual donor \u2014 and $700,000 opposing the Overpaid CEO tax, according to federal<\/a> and San Francisco city records<\/a>. He\u2019s spent far more fighting the statewide billionaires\u2019 tax, sinking $5 million of his own wealth and another $5 million from Ripple into the Golden State Promise PAC, an anti-tax PAC he founded, per state records<\/a>. Larsen gave an additional $2.5 million<\/a> to a separate anti-billionaire tax group, Building a Better California<\/a>, founded by Google co-founder Sergey Brin and former Google CEO Eric Schmidt. (Brin has reportedly already left the state<\/a> to avoid the tax.)<\/p>\n\n\n\n

Tan, the CEO of startup incubator Y Combinator, has less money to throw around, but he\u2019s made vocal opposition to the tax measures a key part of his brand. He frequently invokes the specter of billionaires and startups\u00a0fleeing<\/a>\u00a0the state and spreads\u00a0claims<\/a>\u00a0that the statewide tax would mean Google\u2019s founders would owe 50 percent of their stocks, which the tax\u2019s backers have dismissed as false. He\u2019s\u00a0contributed<\/a>\u00a0$25,000 to Abundant Future.<\/a><\/p>\n\n\n\n

Related<\/a><\/h2>\n\n\n\n

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Larsen and Tan likely see their support as \u201cpolitical investments that they expect a return on,\u201d said Jeremy Mack, executive director of Phoenix Project, which tracks corporate spending in San Francisco politics. Wiener owes much of his political strength to the donors who have boosted his housing causes during his state Senate career, including Larsen and Tan. With those backers now animated against the wealth taxes, Mack said that supporting them would be \u201cpolitical suicide\u201d for Wiener.<\/p>\n\n\n\n

But Wiener\u2019s opposition to the taxes positions him against the political currents now driving the Democratic Party\u2019s progressive wing. California\u2019s major labor unions, a supermajority of San Francisco\u2019s board of supervisors, and national progressive leaders like Sen. Bernie Sanders, I-Vt., all support the pair of taxes. Even Pelosi, Wiener\u2019s would-be predecessor and a known moderate, is in favor of the local San Francisco tax. SEIU California, one of the state\u2019s largest labor unions, withdrew its endorsement of Wiener in early April over his opposition to the tax measures.<\/a><\/p>\n\n\n\n

Related<\/a><\/h2>\n\n\n\n

Saikat Chakrabarti\u2019s Plan for the Political Revolution<\/a><\/a><\/h3>\n\n\n\n

Both of Wiener\u2019s opponents in the three-way June 2 primary \u2014 progressive member of San Francisco\u2019s board of supervisors Connie Chan and Justice Democrats co-founder Saikat Chakrabarti<\/a> \u2014 are in favor of the taxes. Most California voters support the statewide billionaire tax, according to a March poll<\/a>, including 72 percent of Democratic voters. <\/p>\n\n\n\n

\u201cIf you look at who is bankrolling [Wiener], he is doing the bidding of massive corporate interest,\u201d Justin Dolezal, a San Francisco bar owner and co-founder with Small Business Forward, an advocacy group that supports both wealth taxes, told The Intercept. \u201cThat\u2019s what he\u2019s looking out for, rather than the average, everyday working San Franciscans.\u201d<\/p>\n\n\n\n

Wiener\u2019s campaign did not respond to The Intercept\u2019s request for comment. <\/p>\n\n\n\n

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\u201cHe is doing the bidding of massive corporate interest. That\u2019s what he\u2019s looking out for, rather than the average, everyday working San Franciscans.\u201d<\/p>\n<\/blockquote>\n\n\n\n

While Wiener in the past has brushed off concerns of corporate backers influencing his policy, saying that he and his wealthiest donors \u201chave agreements and disagreements<\/a>,\u201d their alignment in opposition against two popular wealth taxes has drawn concern from housing and homelessness advocates, who were already skeptical of Wiener for boosting housing development in the city that they argue favors real estate corporations. The real estate industry<\/a> was consistently among his top donors during his state Senate elections.<\/p>\n\n\n\n

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Wiener is a proponent of the \u201cYes in My Backyard\u201d movement that seeks to address the housing crisis by increasing the housing stock, while opponents criticize it for its emphasis on boosting development rather than redistributing wealth. The movement has morphed over the past several years with the growth of the abundance movement<\/a>, which is popular among San Francisco\u2019s powerful billionaires<\/a> and aims to remove regulations and red tape to speed up development.<\/p>\n\n\n\n

In addition to being top donors to Abundant Future, Tan and Larsen, along with Yelp CEO Jeremy Stoppleman, have been consistent supporters of Wiener\u2019s YIMBY vision. During his decade in the state Senate, Wiener introduced a series of bills that cut regulations to accelerate housing development across the state, a core tenet of YIMBYism and abundance. Critics on the left dismissed his policies as rewards for corporate commercial real estate developers that failed to meet San Francisco and the state\u2019s housing needs, as well as exacerbating gentrification and displacement of its low-income residents. Opponents instead argue for redistribution of wealth, using the housing that already exists and direct investment in services for low-income people. <\/p>\n\n\n\n

Confronting challenges over his support from wealthy donors during his campaign for Congress, Wiener often refers to his track record of taking on corporations, such as introducing AI regulation bills<\/a>, one of which drew the ire<\/a> of some of his tech backers, including Tan. But earlier this year, Wiener and Tan partnered on a failed state bill<\/a> that would have restricted Big Tech companies from self-preferencing their products over smaller companies. While Wiener touted the legislation as a way to rein in the likes of Apple and Google, Tan\u2019s company, Y Combinator, likely would have benefited because it helps launch new startups.<\/p>\n\n\n\n

Tan has also worked to insulate the tech sector from organized labor, accusing the state\u2019s labor leaders of having the goal of \u201ckilling the tech golden goose and taking maximum waste into the budget \u2026 until CA ceases to work for everyday Californians.\u201d <\/p>\n\n\n\n

Larsen, meanwhile, railed against unions<\/a> at a San Francisco business event in January, calling on his peers to \u201cstart fighting on par with the unions when they propose these absolutely stupid propositions like this crazy CEO tax.\u201d Larsen echoed the message at a separate tech donor gathering<\/a> Tan hosted months later. <\/p>\n\n\n\n

Larsen did not respond to The Intercept\u2019s request for comment. A spokesperson for Tan told The Intercept to \u201clook at Mr. Tan\u2019s posts on X\/Twitter,\u201d where Tan has called the billionaire tax<\/a> \u201ca destroy tech in California proposition\u201d and the overpaid CEO tax<\/a> \u201cbad policy wrapped up in anti-billionaire bullshit.\u201d<\/p>\n\n\n\n

We\u2019re independent of corporate interests \u2014 and powered by members. Join us.<\/h2>\n\n\n\n

Become a member<\/a><\/p>\n\n\n\n

Wiener\u2019s legislative record<\/strong> reveals an inconsistent history of supporting progressive taxation. In 2018, he opposed<\/a> a successful local tax on big businesses to fund homelessness services. Two years later, Wiener supported the first iteration<\/a> of the CEO tax, the first of its kind nationwide, before it was undone in 2024. <\/p>\n\n\n\n

At a candidate forum in January, Wiener said he supported progressive taxes, but he would wait until the Billionaires Tax Act got on the ballot to decide. In April, Wiener said he opposed the\u00a0local CEO tax<\/a>, saying he didn\u2019t want to interrupt San Francisco Mayor Daniel Lurie\u2019s economic recovery agenda and that he would pursue similar progressive tax reform in Congress. And last week, after the state billionaire tax\u2019s backers announced they had the necessary signatures to enter it on the ballot, Wiener said he was also against the statewide tax.<\/a><\/p>\n\n\n\n

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\u201cCalifornia already has an unstable boom-bust tax system because of the devaluation of property taxes and reliance increasingly on income taxes on wealthy residents,\u201d Wiener told the San Francisco Standard<\/a>. He said he disagreed with the approach, especially given that it\u2019s a one-time tax.<\/p>\n\n\n\n

\u201cIt sounds like a person that\u2019s in opposition, but doesn\u2019t want to be seen as Republican,\u201d said Paul Boden, a longtime advocate for people living unhoused. \u201cIt\u2019s the neoliberal justification for continuing down the same neoliberal path since Reagan: that doing something that might impact some wealthy people is bad for all of us.\u201d <\/p>\n\n\n\n

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\u201cIt\u2019s the neoliberal justification for continuing down the same neoliberal path since Reagan: that doing something that might impact some wealthy people is bad for all of us.\u201d <\/p>\n<\/blockquote>\n\n\n\n

Boden, the executive director of the Western Regional Advocacy Project, has long sparred with Wiener on his housing and homelessness policy. In 2016, when Wiener was a San Francisco board supervisor, Boden spoke out against a letter<\/a> Wiener wrote to the city\u2019s police chief, which had called for a sweep of homeless encampments amid that year\u2019s winter storms. He has criticized Wiener\u2019s housing policies, arguing they prioritize middle-income San Franciscans over the city\u2019s poor.<\/p>\n\n\n\n

The results of Larsen and Tan\u2019s ad spending can already be seen on the airwaves in and around San Francisco. Abundant Future has been running ads and sending mailers that paint Chakrabarti, who is advocating to nationalize AI by turning struggling AI companies into public utilities, as a carpetbagger amid his surge in recent polls. Larsen has said that he supports candidates promoting AI regulation, and he plans to spend millions backing Alex Bores<\/a>, a New York congressional candidate facing heavy oppositional spending from a PAC backed by openAI.<\/p>\n\n\n\n

Larsen-funded ads released by his Golden State Promises PAC aired during California\u2019s recent gubernatorial debate, saying the billionaire tax would \u201cbackfire and hurt you.\u201d<\/p>\n\n\n\n

Supporters of the local and state wealth taxes argue that more revenue is needed to address California\u2019s shortfall due to federal healthcare funding cuts, which is estimated at a $100 billion loss over the next five years. There are more than 200 billionaires<\/a> who live in the state, according to Forbes data compiled by tax advocates. Most of the revenue from the one-time state tax would go to healthcare, with some set aside for food assistance at schools and other education programs. <\/p>\n\n\n\n

Revenue from San Francisco\u2019s local Overpaid CEO tax \u2014 which has been estimated to bring in $250 to $300 million each year \u2014 is designed to go to the city\u2019s general fund, with its supporters hoping to invest in healthcare, mental health treatment, and housing support. Larsen and opponents are also funding support for a dueling \u201cpoison pill\u201d measure, which would negate the Overpaid CEO tax if approved.<\/p>\n\n\n\n

To Mack of the Phoenix Project, this kind of spending is par for the course in politics but should inspire voters to think critically about whom they support.<\/p>\n\n\n\n

\u201cThe more politicians are in their pockets,\u201d said Mack, referring to wealthy donors, \u201cthe less we can expect regular Californian\/San Franciscan people\u2019s voices to matter.\u201d<\/p>\n\n\n\n

Correction: May 14, 2026, 4:05 p.m. ET<\/strong>
A previous version of this article misstated the first name of a San Francisco bar owner and co-founder with Small Business Forward<\/em>;\u00a0he is Justin Dolezal, not Jerome.<\/em><\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

I\u2019M BEN MUESSIG,<\/u><\/strong> The Intercept\u2019s editor-in-chief. It\u2019s been a devastating year for journalism \u2014 the worst in modern U.S. history.<\/p>\n\n\n\n

We have a president with utter contempt for truth aggressively using the government\u2019s full powers to dismantle the free press. Corporate news outlets have cowered, becoming accessories in Trump\u2019s project to create a post-truth America. Right-wing billionaires have pounced, buying up media organizations and rebuilding the information environment to their liking.<\/p>\n\n\n\n

In this most perilous moment for democracy, The Intercept is fighting back. But to do so effectively, we need to grow.<\/p>\n\n\n\n

That\u2019s where you come in. Will you help us expand our reporting capacity in time to hit the ground running in 2026?<\/strong><\/p>\n\n\n\n

Donate<\/a><\/h2>\n\n\n\n

Contact the author:<\/a><\/h2>\n\n\n\n

Jonah Valdez<\/a>jonah.valdez@theintercept.com<\/a>@jonahmv.05on Signal@jonahmv<\/a>on X<\/p>\n","protected":false},"excerpt":{"rendered":"

The largest individual donor to a PAC backing Scott Wiener has spent millions fighting billionaire tax measures. Jonah Valdez May 14 2026 (TheIntercept.com) Scott Wiener debates Saikat Chakrabarti and Connie Chan for California\u2019s 11th Congressional District seat at the Sydney Goldstein Theater in San Francisco, on March 31, 2026. Photo: Carlos… Continue reading → <\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/48268"}],"collection":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/comments?post=48268"}],"version-history":[{"count":1,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/48268\/revisions"}],"predecessor-version":[{"id":48269,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/48268\/revisions\/48269"}],"wp:attachment":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/media?parent=48268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/categories?post=48268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/tags?post=48268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}