California Business Groups Oppose Reckless Billionaires’ Tax

or Immediate Release
Contact: John Myers

[email protected] | [email protected]

(June 16, 2026) Sacramento, CA - The California Chamber of Commerce today issued the following statement highlighting the strong opposition of small and large businesses to efforts to place a 'Billionaires' Tax' on the November statewide ballot:

"CalChamber and a strong coalition of local chambers of commerce believe the effort to impose an unprecedented wealth tax is not only misguided but creates a dangerous precedent that will cause more problems than it would ever solve.

"Our Board of Directors voted to oppose the initiative last December, citing the risky nature of taxing unrealized gains on shares held by founders of Silicon Valley simply to obtain a one-time infusion of tax revenue that ignores the state's systemic budget problems. One recent analysis found the exodus of wealthy Californians, along with the resulting trickle-down of those decisions to leave, could shrink government tax revenues by as much as $4.5 billion."

CalChamber's opposition to the proposed initiative is joined by the following local business groups, representing small businesses and entrepreneurs concerned about the broad economic disruption:

Carlsbad Chamber of Commerce
Chino Valley Chamber of Commerce
Corona Chamber of Commerce
Garden Grove Chamber of Commerce
Redondo Beach Chamber of Commerce
Roseville Area Chamber of Commerce
San Juan Capistrano Chamber of Commerce
Santa Ana Chamber of Commerce
Santa Clarita Chamber of Commerce
Torrance Chamber of Commerce
Yuba-Sutter Chamber of Commerce

Also opposing the proposal is the South Bay Association of Chambers of Commerce, representing the following 15 organizations:

Carson Chamber of Commerce
El Segundo Chamber of Commerce
Gardena Valley Chamber of Commerce
Hawthorne Chamber of Commerce
Hermosa Beach Chamber of Commerce
Inglewood Airport Area Chamber of Commerce
LAX Coastal Chamber of Commerce
Long Beach Area Chamber of Commerce
Lomita Chamber of Commerce
Manhattan Beach Chamber of Commerce
Palos Verdes Peninsula Chamber of Commerce
Redondo Beach Chamber of Commerce
San Pedro Chamber of Commerce
Torrance Area Chamber of Commerce
Wilmington Chamber of Commerce