Scott Wiener Rejects Billionaire Taxes—Backed by Tech Donors

California candidate Scott Wiener opposes a statewide billionaire tax and a San Francisco CEO tax, aligning with major tech donors.

A prominent progressive hopeful trying to replace longtime House Democratic leader Nancy Pelosi is drawing backlash for opposing a pair of wealth taxes on California’s ballot, a position that critics say clashes with the movement’s broader economic agenda.

California state Sen.. Scott Wiener is campaigning against both a one-time statewide tax aimed at California billionaires and a local San Francisco proposal targeting the city’s most highly paid corporate executives.. While that stance may appear surprising for someone presenting himself as progressive. the report says it aligns with the priorities of two influential Bay Area tech backers funding his campaign through a super PAC.

The statewide measure. referred to as the Billionaire Tax Act. would impose a one-time 5% levy on the wealth and assets held by California billionaires.. In San Francisco. a separate proposition—commonly dubbed the Overpaid CEO tax—would tax companies when their chief executive earns 100 times more than the company’s median worker. a policy that effectively focuses on firms led by billionaire-level CEOs.. Both measures are expected to appear on the November ballot as Wiener seeks to secure the Democratic nomination in a June primary.

According to federal and city records cited in the report. Chris Larsen and Garry Tan—wealthy technology executives who are also top donors to a pro-Wiener super PAC called Abundant Future—have been outspoken in stopping the taxes.. Larsen. described as a blockchain co-founder and executive chairman of Ripple Labs. donated the largest amount to the super PAC backing Wiener.. He also funded efforts opposing the Overpaid CEO tax.. In addition. the report says he poured substantial personal and organizational spending into anti-tax efforts tied to the statewide billionaire measure. while also giving to an additional group opposing billionaire taxes.

Tan. the CEO of startup incubator Y Combinator. is said to have made public opposition to the tax proposals a core part of his political messaging.. The report describes Tan repeatedly arguing that the statewide tax would force major tech founders—including those behind Google—to pay a rate far higher than supporters claim. though tax backers dismiss those claims as false.. Tan has also contributed to the super PAC backing Wiener.

Political analysts tracking money in San Francisco elections say Wiener’s posture is difficult to separate from the interests of those major donors.. Jeremy Mack. executive director of Phoenix Project. which monitors corporate spending. is quoted in the report saying that aligning with billionaire-backed priorities would amount to “political suicide” for Wiener.. The report adds that Wiener’s political strength has long depended on wealthy donors who supported his housing-related causes in his earlier state Senate career. including Larsen and Tan. and that their current activity against the wealth taxes is shaping his campaign strategy.

Even as labor and progressive groups rally around the idea of taxing extreme wealth. Wiener’s position places him at odds with the political currents now energizing California Democrats’ left flank.. The report notes that major labor unions, a supermajority of San Francisco supervisors, and national progressive figures including Sen.. Bernie Sanders all support both measures.. It also states that Nancy Pelosi, whom Wiener hopes to succeed in Congress, supports the local San Francisco CEO tax.. SEIU California is also said to have withdrawn its endorsement of Wiener earlier this year over his opposition to the tax proposals.

The report describes a crowded June 2 primary in which Wiener faces two opponents who support the taxes: Connie Chan. a progressive member of the San Francisco board of supervisors. and Saikat Chakrabarti. a Justice Democrats co-founder.. The report also cites a poll indicating broad support for the statewide billionaire tax among California voters. including a large majority of Democratic voters.

Critics argue that the question is not only whether the taxes are popular. but who is paying for the fight over them.. A San Francisco bar owner and co-founder of a small-business advocacy group told the report that Wiener appears to be following the priorities of wealthy corporate interests rather than those of working residents.

Housing and homelessness advocates, already skeptical of Wiener’s housing development agenda, say his donor alignment raises further concerns.. The report says real estate interests were among his top donors during earlier campaigns and that his past focus on expanding housing production has been criticized as benefiting development-linked corporations more than people facing displacement.

Wiener has been associated with the “Yes in My Backyard” approach to addressing the housing crisis by increasing the housing supply.. Opponents in the report argue that the movement’s emphasis on expanding development rather than redistributing wealth can leave low-income residents vulnerable.. The report further notes that YIMBY efforts have evolved alongside the “abundance” movement popular among wealthy tech figures. with the broader argument that reducing regulatory and administrative barriers can speed up building.

The report says Wiener’s housing policy record includes efforts to cut regulations to accelerate housing development across California.. Critics on the left. it adds. contend that his agenda rewards commercial real estate developers that have not adequately met San Francisco and statewide housing needs. while also intensifying gentrification and pushing out residents.. Supporters counter that increasing housing stock is the necessary fix for a persistent affordability crisis. but the report emphasizes the sharp disagreement over whether growth alone can address inequity.

Beyond housing, the report portrays Wiener’s relationships with tech donors as politically consequential on multiple fronts.. It says that Wiener previously touted an ability to manage disagreements with wealthy backers. citing examples such as his efforts to regulate artificial intelligence—an area that some tech supporters. including Tan. disliked.. It also describes a failed state bill Wiener and Tan worked on that would have restricted Big Tech companies from giving their own products preferential treatment over competitors. noting that Tan’s startup incubator could also have benefited from the outcomes of such legislation.

The report also links Tan’s political activity to efforts to protect the tech sector from organized labor. It says Tan has accused labor leaders of trying to “kill the tech golden goose” while pushing policies that, in his view, would produce waste and harm ordinary Californians.

Larsen’s involvement is portrayed as similarly directed toward union opposition as well as tax policy.. The report describes Larsen criticizing unions at a San Francisco business event earlier this year and urging wealthy peers to fight on par with unions when they advance proposals like the CEO tax.. It also says Larsen echoed similar messaging at another gathering hosted by Tan months later. though it reports that Larsen did not respond to requests for comment.

The report further argues that Wiener’s legislative history shows an inconsistent record when it comes to progressive taxation.. It says in 2018 Wiener opposed a local tax on big businesses designed to fund homelessness services.. Two years later. the report says he supported the first version of the CEO tax—described as the first of its kind nationwide—before it was undone in 2024.

As the ballot has moved from debate to reality. the report describes Wiener’s shifting positions depending on the specific tax measure and timing.. At a January forum. the report says he indicated he would support progressive taxes but planned to wait until the statewide Billionaires Tax Act appeared on the ballot before deciding.. In April. the report says he opposed the local CEO tax. arguing he didn’t want to interfere with San Francisco Mayor Daniel Lurie’s recovery agenda and saying he would pursue related tax reform in Congress.. After backers announced they had secured sufficient signatures to qualify the statewide measure for the ballot. the report says Wiener then opposed it as well.

In comments attributed in the report. Wiener argued that California’s tax system already struggles because of volatility tied to property taxes and a growing reliance on income taxes from wealthy residents. and he said a one-time billionaire tax was not the right approach.. Another advocate quoted in the report—who has fought with Wiener on housing and homelessness policy—criticized Wiener’s reasoning as an argument for maintaining a status quo that. they say. disproportionately harms working people.

The report adds that the same advocate has clashed with Wiener before. including in connection with a letter Wiener wrote to the city’s police chief that called for a sweep of homeless encampments during winter storms.. It says the advocate has also criticized Wiener’s housing approach as prioritizing middle-income residents over the city’s poorest residents.

Money tied to the tax fight is already appearing in local media markets, the report says.. It describes Abundant Future running ads and mailers attempting to depict Chakrabarti—who in the report is associated with plans to nationalize AI by turning struggling AI companies into public utilities—as a carpetbagger as his poll numbers rise.. Larsen is also said to plan major spending backing Alex Bores. a New York congressional candidate facing heavy spending from a PAC backed by OpenAI.

Separately. the report says Larsen-backed ads aired during California’s recent gubernatorial debate warning that the billionaire tax would “backfire and hurt you.” The report frames the dispute as part economic policy debate and part messaging war over what the taxes would actually do to investors and the broader tech economy.

Supporters of both wealth taxes argue the measures are needed because California faces a funding shortfall after federal healthcare cuts. a gap they say grows over the next several years.. The report also states there are more than 200 billionaires in California based on Forbes data compiled by tax advocates. and that most of the money from the one-time state tax would go to healthcare. with some set aside for food assistance at schools and other education-related programs.

For San Francisco. supporters of the Overpaid CEO tax say the proposal’s revenue is intended for the city’s general fund and could be directed toward healthcare. mental health treatment. and housing support.. The report also says Larsen and opponents are funding a competing “poison pill” measure that would negate the CEO tax if it passes.

Political monitoring groups say this sort of campaign financing is increasingly common, but voters should pay attention to what it signals. Mack is quoted in the report arguing that when politicians take money from wealthy donors, it becomes harder for regular residents’ voices to shape policy.

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