Yes, there really was a ‘March for Billionaires’ rally in San Francisco

As California Grapples with Homelessness and Healthcare Cuts, Some Activists Rally to Support Billionaires

Amid California’s ongoing struggles with homelessness and healthcare budget cuts, a surprising movement has emerged: activists advocating for the ultrarich. On Saturday morning in San Francisco, about a dozen people took part in the “March for Billionaires” to raise awareness about the challenges facing the state’s wealthiest residents.

While some bystanders assumed the event was satirical, organizer Derik Kauffman emphasized that the protest was genuine. It was held in opposition to a potential new tax targeting California’s billionaires. Speaking outside the San Francisco Civic Center, Kauffman stated, “We must not judge billionaires as a class but by their individual merits. There are good billionaires and bad billionaires, just like there are good people and bad people. California is extraordinarily lucky that this is where people come to start companies and build fortunes, and we should do our best to keep it that way.”

The Billionaire Tax Act

The protest stemmed from the proposed Billionaire Tax Act, a state ballot initiative that would impose a one-time 5% tax on the net worth of California’s billionaires. The revenue raised is intended to help offset recent federal cuts impacting healthcare and food assistance programs.

The tax would target overall net worth but exclude certain assets such as pensions, real estate, and retirement accounts. Supporters argue that this measure would benefit the majority of California residents and ensure that the ultra-wealthy pay their fair share.

However, opponents—including Governor Gavin Newsom—warn that the tax could drive billionaires and the companies they own out of California, resulting in lost jobs and diminished tax revenue. Kauffman echoed these concerns during the protest, stating, “This tax will drive billionaires out; it already has. The founders of Google have left the state and they are taking their money with them.”

Though Google remains headquartered in California, some companies affiliated with its co-founders Larry Page and Sergey Brin, such as T-Rex Holdings, moved operations from Palo Alto to Reno last year.

Counterprotests and Public Reaction

The “March for Billionaires” attracted several dozen counterprotesters who expressed their opposition with humor and satire. Razelle Swimmer carried a puppet of the Swedish Chef from the Muppets, wielding knives and wearing an apron that read “Eat the Rich.” She told reporters, “If [billionaires] aren’t willing to pay more taxes, then I don’t really care if they leave.”

Other counterprotesters mocked billionaires by donning crowns, top hats, and adopting exaggerated upper-class personas. A pair playing characters named Oli Garch and Trilly O’Naire joked about the tax’s impact. “There is a small chance that my helicopter won’t be able to have a sauna in it,” said the woman adjusting her tiara, “just because apparently some kids want dental work or something.”

At one point, a man wearing a gold crown stormed through the crowd, carrying a sign that said “Let them eat cake,” shouting, “Keep the poors away from me.”

Next Steps and Economic Implications

The Service Employees International Union–United Healthcare Workers West, the main supporter of the Billionaire Tax Act, must collect approximately 875,000 valid signatures by June 24 to qualify the measure for the November ballot.

Meanwhile, the California Legislative Analyst’s Office has warned that the tax might only yield short-term benefits. Their recent analysis notes, “It is likely that some billionaires decide to leave California. The income taxes they currently pay to the state would go away with their departure. The reduction in state revenues from these kinds of responses could be hundreds of millions of dollars or more per year.”

California’s Billionaires and Wealth Trends

California is home to roughly 200 billionaires—the most of any U.S. state. Their collective wealth was estimated at $2.2 trillion in October, a significant increase from $300 billion in 2011. This data comes from a December report by law and economics professors at UC Berkeley, UC Davis, and the University of Missouri.

The researchers also concluded that billionaires in the United States pay less in taxes relative to their income compared to the average American, fueling debate over fair taxation and economic equity in the state.

https://www.latimes.com/california/story/2026-02-07/march-for-billionaires-rally-in-san-francisco

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