Big Money Moves to Stop California's Billionaire Tax Plan

California's super-rich are worried. A new plan to tax their wealth is on the table. And they're not happy about it. So, they're fighting back. With big money. Peter Thiel, a well-known venture capitalist, just donated $3 million to stop this plan. He gave the money to a group called Californians Against Higher Taxes. This group is run by a business lobby called the California Business Roundtable. They want to stop the so-called billionaire tax. This tax is still a proposal. It might be on the ballot in November. But the rich are already taking action. They're trying to gather more donations. They think they'll need over $75 million to stop the tax.Rob Lapsley is the president of the California Business Roundtable. He says they're reaching out to many donors. Thiel is just one of them. They're working hard to stop the billionaire tax. And another local tax proposal too. This is a big deal. It shows how the super-rich are using their money to influence politics. They don't want to pay more taxes. So, they're spending millions to stop it. It's a classic case of the rich getting richer. And the rest of us? We'll see what happens.