Washington, D.C., February 5, 2026 — Nestpoint Managing Director and Republican strategist John Thomas appeared on The John Phillips Show to discuss new Nestpoint polling on California’s proposed billionaire wealth tax and the economic risks it could pose to investment, job creation, and long-term growth in the state.

During the interview, Thomas addressed findings from a recent Nestpoint survey showing that approximately 60 percent of likely California voters support the proposed wealth tax, even as a majority acknowledge it could lead to job losses and prompt businesses to leave the state. The data, he noted, underscores a growing disconnect between voter sentiment and economic behavior.

Thomas emphasized that while the tax is framed as a one-time measure, investors and entrepreneurs are already factoring the policy into future decisions. Venture-backed founders and capital allocators, he explained, are unlikely to wait for clarity when alternative states offer more predictable tax environments.

“If you’re building a company that could be worth billions in the next few years, why take that risk?” Thomas said, noting that uncertainty alone can redirect capital before a policy is ever implemented.

He also warned that wealth taxes historically do not remain isolated. Once adopted, similar measures often expand in scope, increasing pressure on a broader segment of high earners and investors. That trajectory, Thomas argued, could accelerate the migration of innovation and entrepreneurial activity out of California.

Beyond the immediate economic implications, Thomas pointed to the political significance of the proposal. If the measure qualifies for the ballot and succeeds, he said, it could embolden future tax initiatives and reinforce a shift toward direct ballot-driven fiscal policy, bypassing traditional legislative checks.

Thomas concluded that defeating the proposal — if it reaches voters — would require a sustained and well-funded effort to counter its populist appeal and clearly communicate the long-term economic consequences.

The full discussion originally aired on The John Phillips Show on February 5, 2026. You can listen to it here.

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