or Immediate Release
Contact: John Myers<\/p>\n
john.myers@calchamber.com<\/a> | press@calchamber.com<\/a><\/p>\n (June 16, 2026) Sacramento, CA \u2013 The California Chamber of Commerce today issued the following statement highlighting the strong opposition of small and large businesses to efforts to place a \u2018Billionaires\u2019 Tax\u2019 on the November statewide ballot:<\/p>\n \u201cCalChamber 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.<\/p>\n \u201cOur Board of Directors voted to oppose the initiative last December<\/a>, 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\u2019s 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<\/a>.\u201d<\/p>\n CalChamber\u2019s opposition to the proposed initiative is joined by the following local business groups, representing small businesses and entrepreneurs concerned about the broad economic disruption:<\/p>\n Carlsbad Chamber\u00a0of Commerce Also opposing the proposal is the South Bay Association of Chambers of Commerce, representing the following 15 organizations:<\/p>\n Carson Chamber of Commerce
Chino Valley Chamber\u00a0of 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\u00a0of Commerce
Santa Clarita Chamber of Commerce
Torrance Chamber of Commerce
Yuba-Sutter Chamber\u00a0of Commerce<\/p>\n
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<\/p>\n","protected":false},"excerpt":{"rendered":"or Immediate ReleaseContact: John Myers john.myers@calchamber.com | press@calchamber.com (June 16, 2026) Sacramento, CA \u2013 The California Chamber of…\n","protected":false},"author":2,"featured_media":101771,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[63319,7,9,8,55409],"class_list":["post-363342","post","type-post","status-publish","format-standard","has-post-thumbnail","category-california","tag-billionaires-tax","tag-california","tag-california-headlines","tag-california-news","tag-news-releases"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/363342","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=363342"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/363342\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/101771"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=363342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=363342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=363342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}