Steve Hilton has sharpened opposition to California’s proposed billionaire tax, arguing the one-time 5% levy on residents with net worth exceeding $1 billion would push talent out of Silicon Valley and weaken the state’s standing in innovation. Voters are set to decide the measure in the November 2026 election, and the debate has drawn resistance from Governor Gavin Newsom as well. Market pricing has moved slightly against passage, with the implied chance of a YES outcome falling to 27% from 28% over the past 24 hours. The latest comments underscore how political endorsements, public messaging and perceived economic risks could shape voter sentiment as the campaign develops.