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

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SAN FRANCISCO — As California struggles with homelessness and healthcare cuts, some activists are taking on an unexpected cause: fighting for billionaires.About a dozen people took part in the “March for Billionaires” on Saturday morning in San Francisco to raise awareness about the plight of the ultrarich.

Although some assumed the event was satire, organizer Derik Kauffman said it was a sincere protest against a potential new tax on the state’s wealthiest residents.“We must not judge billionaires as a class but by their individual merits,” he said, speaking outside the San Francisco Civic Center.

“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 is a proposed state ballot initiative that would levy a one-time, 5% tax on the state’s billionaires to help offset recent federal cuts that have affected healthcare and food-assistance programs.

The tax would apply to their overall net worth but would exclude pensions, real estate and retirement accounts.Supporters say it would benefit the majority of the state’s residents and help ensure billionaires pay their fair share.

Opponents — including Gov.Gavin Newsom — argue it will cause billionaires and the businesses they own to flee the state, taking jobs and tax dollars with them.

Kauffman echoed those concerns Saturday and said everyone should want billionaires to remain in California.“This tax will drive billionaires out; it already has,” he said.“The founders of Google — they left the state and they are taking their money with them.” Google is still headquartered in California, but other companies tied to Google co-founders Larry Page and Sergey Brin recently lef the state...