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GOP lawmaker proposes measure to block key element of proposed California wealth tax

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GOP lawmaker proposes measure to block key element of proposed California wealth tax

As progressives seek to place a new tax on billionaires on California’s November ballot, a Republican congressman is moving in the opposite direction — proposing federal legislation that would block states from taxing the assets of former residents.

Rep. Kevin Kiley (R-Rocklin), who faces a tough re-election challenge under California’s redrawn congressional maps, says he will introduce the “Keep Jobs in California Act of 2026” on Friday. The measure would prohibit any state from levying taxes retroactively on individuals who no longer live there.

The proposed legislation adds another layer to what has already been a fiery debate over California’s approach to taxing the ultra-wealthy. It has created divisions among Democrats and has placed Los Angeles at the center of a broader political fight, with Bernie Sanders set to hold a rally on Wednesday night in support of the wealth tax.

Kiley said he drafted the bill in reaction to reports that several of California’s most prominent billionaires — including Meta Chief Executive Mark Zuckerberg and Google co-founders Larry Page and Sergey Brin — are planning to leave the state in anticipation of the wealth tax being enacted.

“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,” Kiley said in a statement Wednesday. “Many of our state’s leading job creators are leaving preemptively.”

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Kiley said it would be “fundamentally unfair” to retroactively impose taxes on former residents.

“California already has the highest income tax of any state in the country, the highest gas tax, the highest overall tax burden,” Kiley said in a House floor speech earlier this month. “But a wealth tax is something unique because a wealth tax is not merely the taxation of earned income, it is the confiscation of assets.”

The fate of Kiley’s proposal is just as uncertain as his future in Congress. His 5th Congressional District, which hugs the Nevada border, has been sliced up into six districts under California’s voter-approved Proposition 50, and he has not yet picked one to run in for re-election.

The Billionaire Tax Act, which backers are pushing to get on the November ballot, would charge California’s 200-plus billionaires a onetime 5% tax on their net worth in order to backfill billions of dollars in Republican-led cuts to federal healthcare funding for middle-class and low-income residents. It is being proposed by the Service Employees International Union-United Healthcare Workers West.

In his floor speech, Kiley worried that the tax, if approved, could cause the state’s economy to collapse.

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“What’s especially threatening about this is that our state’s tax structure is essentially a house of cards,” Kiley said. “You have a system that is incredibly volatile, where top 1% of earners account for 50% of the tax revenue.”

But supporters of the wealth tax argue the measure is one of the few ways that can help the state seek new revenue as it faces economic uncertainty.

Sanders, an independent from Vermont who caucuses with the Democrats, is urging Californians to back the measure, which he says would “provide the necessary funding to prevent more than 3 million working-class Californians from losing the healthcare they currently have — and would help prevent the closures of California hospitals and emergency rooms.”

“It should be common sense that the billionaires pay just slightly more so that entire communities can preserve access to life-saving medical care,” Sanders said in a statement earlier this month. “Our country needs access to hospitals and emergency rooms, not more tax breaks for billionaires.”

Other Democrats are not so sure.

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Gov. Gavin Newsom, who is eyeing a presidential bid in 2028, has opposed the measure. He has warned a state-by-state approach to taxing the wealthy could stifle innovation and entrepreneurship.

Some of he wealthiest people in the world are also taking steps to defeat the measure.

Brin is donating $20 million to a California political drive to prevent the wealth tax from becoming law, according to a disclosure reviewed by the New York Times. Peter Thiel, the co-founder of PayPal and the chairman of Palantir, has also donated millions to a committee working to defeat the proposed measure, the New York Times reported.

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Disneyland Resort President Thomas Mazloum named parks chief

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Disneyland Resort President Thomas Mazloum named parks chief

Disneyland Resort President Thomas Mazloum has been named chairman of Walt Disney Co.’s experiences division, the company said Tuesday.

Mazloum succeeds soon-to-be Disney Chief Executive Josh D’Amaro as the head of the Mouse House’s vital parks portfolio, which has become the economic engine for the Burbank media and entertainment giant. His purview includes Disney’s theme parks, famed Imagineering division, merchandise, cruise line, as well as the Aulani resort and spa in Hawaii.

Jill Estorino will become the head of Disneyland Resort in Anaheim. She previously served as president and managing director of Disney Parks International and oversaw the company’s theme parks and resorts in Europe and Asia.

Estorino and Mazloum will assume their new roles on March 18, the same day as D’Amaro and incoming Disney President and Chief Creative Officer Dana Walden.

“Thomas Mazloum is an exceptional leader with a genuine appreciation for our cast members and a proven track record of delivering growth,” D’Amaro said in a statement. “His focus on service excellence, broad international leadership and strong connection to the creativity that brings our stories to life make him the right leader to guide Disney Experiences into its next chapter.”

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Mazloum had been about a year into his tenure at Disneyland. Before that, he was head of Disney Signature Experiences, which includes the cruise line. He was trained in hospitality in Europe.

In his time at Disneyland, Mazloum oversaw the park’s 70th anniversary celebration and recently pledged to eliminate time limitations for park-hopping, which are designed to manage foot traffic at Disneyland and California Adventure.

Mazloum will now oversee a 10-year, $60-billion investment plan for Disney’s overall experiences business, which includes new themed lands in Disneyland Resort and Walt Disney World. At Disneyland, that expansion could result in at least $1.9 billion of development.

The size of that investment indicates how important the parks are to Disney’s bottom line. Last year, the experiences business brought in nearly 57% of the company’s operating income. Maintaining that momentum, as well as fending off competitors such as Universal Studios, is key to Disney’s continued growth.

In his new role, Mazloum will have to keep an eye on “international visitation headwinds” at its U.S.-based parks, which the company has said probably will factor into its earnings for its fiscal second quarter. At Disneyland Resort, that dip was mitigated by the park’s high percentage of California-based visitors.

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Times staff writer Todd Martens contributed to this report.

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What soaring gas prices mean for California’s EV market

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What soaring gas prices mean for California’s EV market

It has been a bumpy road for the electric vehicle market as declining federal support and plateauing public interest have eaten away at sales.

But EV sellers could soon receive a boost from an unexpected source: The war in Iran is pushing up gas prices.

As Americans look to save money at the pump, more will consider switching to an electric or hybrid vehicle. Average gas prices in the U.S. have risen nearly 17% since Feb. 28 to reach $3.48 per gallon. In California, the average is $5.20 per gallon.

Electric vehicles are pricier than gasoline-powered cars and charging them isn’t cheap with current electricity prices, but sky-high gas prices can tip the scales for consumers deciding which kind of vehicle to buy next.

“We probably will see an uptick in EV adoption and particularly hybrid adoption” if gas prices stay high, said Sam Abuelsamid, an auto analyst at Telemetry Agency. “The last time we had oil prices top $100 per barrel was early 2022 and that’s when we saw EV sales really start to pick up in the U.S.”

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In a 2022 AAA survey, 77% of respondents said saving money on gas was their primary motivator for purchasing an electric vehicle. That year, 25% of survey respondents said they were likely or very likely to purchase an EV.

As oil prices cooled, the number fell to16% in 2025.

In California, annual sales of new light-duty zero-emission vehicles jumped 43% in 2022, according to the state’s Energy Commission. The market share of zero-emission vehicles among all light-duty vehicles sold rose from 12% in 2021 to 19% in 2022.

“Prior to 2022, we didn’t really have EVs available when we had oil price shocks,” Abuelsamid said. “But every time we did, it coincided with a move toward more fuel-efficient vehicles.”

Dealers are anticipating a windfall.

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Brian Maas, president of the California New Car Dealers Assn., predicted enthusiasm for EVs will rebound across California if oil prices don’t come down.

“If prior gasoline price spikes are any indication, you tend to see interest in more fuel-efficient vehicles,” he said.

Rising gas prices could be a lifeline for EV makers at a time when federal support for green cars has been declining.

Under President Trump, a federal $7,500 tax incentive for new electric vehicles was eliminated in September, along with a $4,000 incentive for used electric vehicles.

In California, the zero-emission vehicle share of the total new-vehicle market was 22% through the first 10 months of 2025, then dropped sharply to 12% in the last two months of the year, according to the California Auto Outlook.

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Meanwhile Tesla, the most popular EV brand in the country, has grappled with an implosion of its reputation with some consumers after its chief executive, Elon Musk, became one of Trump’s most vocal supporters and helped run the controversial Department of Government Efficiency.

Over the last several months, Ford, General Motors and Stellantis have pared back EV ambitions.

Other automakers, including Nissan, announced plans to stop producing their more affordable electric models.

The Trump administration has moved to roll back federal fuel economy standards and revoked California’s permission to implement a ban on new gas-powered car sales by 2035.

David Reichmuth, a researcher with the Clean Transportation program in the Union of Concerned Scientists, said the shift in production plans will affect EV availability, even if demand surges.

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That could keep people from switching to cleaner vehicles regardless of higher gas prices.

“This is a transition that we need to make for both public health and to try to slow the damage from global warming, whether or not the price of gasoline is $3 or $5 or $6 a gallon,” he said.

According to Cox Automotive, new EV sales nationally were down 41% in November from a year earlier. Used EV sales were down 14% year over year that month.

To be sure, oil prices can fluctuate wildly in times of uncertainty. It will take time for consumers to decide on new purchases.

Brian Kim, who manages used car sales at Ford of Downtown LA, said he has yet to see a jump in the number of people interested in EVs, hybrids or more fuel-efficient gas-powered engines.

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Still, if the price at the pump stays stuck above its current level, it could happen soon.

“Once the gas prices hit six [dollars per gallon] or more and people feel it in their pocket, maybe things will start to change,” he said.

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Nearly 60 gigawatts of U.S. clean power stalled, trade group finds

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Nearly 60 gigawatts of U.S. clean power stalled, trade group finds

A total of 59 gigawatts of U.S. clean energy projects are facing delays at a time when demand for power from AI data centers is surging, according to a trade group study.

Developers are seeing an average delay of 19 months over issues such as long interconnection times, supply constraints and regulatory barriers, the American Clean Power Assn. said in a quarterly market report.

The backlog is happening despite the growing need for power on grids that are being taxed by energy-hungry data centers and increased manufacturing. The Trump administration has implemented a slew of policies to slow the build-out of solar and wind projects, including delaying approvals on federal lands.

The potential energy generation facing delays is the equivalent of 59 traditional nuclear reactors, enough to power more than 44 million homes simultaneously.

“Current policy instability is beginning to impact investor confidence and negatively impact project timelines at a time when demand is surging,” American Clean Power Chief Policy Officer JC Sandberg said in a statement.

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Despite the hurdles, developers were able to bring more than 50 gigawatts of wind, solar and batteries online in 2025, accounting for more than 90% of all new power capacity in the U.S., the report found. Clean power purchase agreements declined 36% in 2025 compared with 2024, signaling that the build-out of clean power in the U.S. could be lower in the 2028 to 2030 time period, according to the report.

Chediak writes for Bloomberg.

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