Rep. Kevin Kiley Introduces Bill to Fight California’s Wealth Tax

<p><strong>WASHINGTON, D.C.</strong> &#8211; Congressman Kevin Kiley (R-CA) is introducing the <strong><em><a href="https://d12t4t5x3vyizu.cloudfront.net/kiley.house.gov/uploads/2026/02/Keep-Jobs-in-California-Act-Text.pdf">Keep Jobs in California Act of 2026</a></em></strong> in response to California’s proposed wealth tax, which would apply retroactively to certain former residents of the state.</p>

<p>The legislation prohibits any state from imposing a retroactive tax on the assets of individuals who no longer reside in the state.</p>

<p>“California’s proposed wealth tax is an unprecedented attempt to chase down people who have already left as a result of the state’s poor policies,” said Rep. Kiley. “As a result, many of our state&#8217;s leading job creators are leaving preemptively. No state should be allowed to reach back in time and impose a new tax on someone who no longer lives there. That is fundamentally unfair.”</p>

<p>The proposed&nbsp;&#8220;2026 Billionaire Tax Act,&#8221;&nbsp;which proponents are aiming to place on the ballot in November, would confiscate five percent of the assets of individuals with a net worth of $1 billion or more who resided in the state as of January 1, 2026.</p>

<p>Several prominent business leaders have announced they are leaving California in response to the wealth tax proposal, including Meta CEO Mark Zuckerberg, Google co-founders Larry Page and Sergey Brin, Oracle CEO Larry Ellison, and PayPal co-founder Peter Thiel.</p>

<p>The bill will officially be introduced on Friday.</p>

<p><strong><a href="https://d12t4t5x3vyizu.cloudfront.net/kiley.house.gov/uploads/2026/02/Keep-Jobs-in-California-Act-Text.pdf">Click here</a></strong> to read the bill text.</p>

<p><strong><a href="https://youtu.be/FXwrfYiz7oU">Click here</a></strong> to watch Rep. Kiley’s floor remarks on the proposed wealth tax. </p>

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