One of America’s largest labor unions has made a public statement about California’s controversial billionaire estate tax.

Teamsters California and its 250,000 members have formally endorsed the proposed state legislation a single tax of 5%. on the net worth of California residents worth more than one billion dollars.

“The fight to pass California’s billionaire tax is a fight to protect the ability of workers to make ends meet in California; it’s a fight that Teamsters California will continue to lead,” Teamsters California co-chairs Peter Finn and Victor Mineros said in a joint press release.

“The same Big Tech billionaires who shed crocodile tears at the thought of paying their fair share of taxes while amassing towering piles of cash are exploiting a rigged system that makes delivery workers and bus drivers pay higher rates than the AI ​​executives trying to eliminate our jobs,” they continued.

TRUMP CONSIDERS STATE GAS TAX, SIGNALS POSSIBLE RELIGION FOR CALIFORNIANS

The Teamsters statement added that the union hopes the tax proposal will hold billionaires accountable “for destroying our jobs and robbing families of our health care,” as Teamsters California leads “the fight for working people and their jobs by challenging Big Tech’s agenda to replace family-supporting jobs with robots.”

Teamsters union workers picket outside an Amazon distribution center on December 19, 2024, in San Francisco, California. (Getty Images)

Although the initiative has not yet qualified for the November 2026 ballot, the proposal, backed by Service Employees International Union–United Healthcare Workers West, would impose a one-time 5 percent tax on billionaires, expiring in 2027, with taxpayers allowed to spread the payments over five years, with additional costs, according to the Legislative Analyst’s Office.

If the measure is approved by voters, anyone who was a California resident on Jan. 1, 2026, would have to pay the tax, according to the proposal.

“Approximately 200 California billionaires have a staggering $2 trillion in wealth; each of the billionaires could spend $500 million a year on their interest earnings alone and not touch a dime of their wealth.” Finn and Miners he wrote “But for candy corporations and their billionaire owners, it’s never enough: they won’t be satisfied until they’ve replaced every worker with a robot that feeds their fortune.”

“The legislative package prioritizes protecting workers and the public from the elimination of good jobs by robots, the dangers of autonomous vehicles that threaten the public safety of our community, and ensuring that our state’s economic growth benefits everyday Californians,” they continued, “not just corporate executives and shareholders.”

Neither Gov. Gavin Newsom’s office nor the Service Employees International Union–United Healthcare Workers West immediately responded to Fox News Digital’s request for comment.

As a result of the proposal, several billionaires, some public and others without name — have moved assets or relocated from California to more business-friendly states such as Florida. Confirmed examples include Google co-founders Larry Page and Sergey Brin, Oracle founder Larry Ellison, investor Peter Thiel and venture capitalist David Sacks.

“One client said, ‘You know, this could be like a $5 billion tax for me,'” Julian Johnston of The Corcoran Group recently told Fox News Digital. “So they’re moving around for that.”

GET THE FOX BUSINESS ANYWHERE CLICK HERE

“They’re all dining and wining together and talking about this proposed tax. And then when the proposed tax gained momentum, then they understood that they needed to rent or buy something outside of California to establish residency and reduce their wealth exposure to the proposed multibillion-dollar tax,” he explained.

“It’s a melting pot and they’re all friends. And that’s the case. The tipping point was when four or five bought and three more were contracting. The rest, all their friends are here. And they talked about the office buildings, too.”

READ MORE FROM FOX BUSINESS