‘Yes, it’s real’: Protesters march for, not against, billionaires

Those in downtown San Francisco may see a cluster of people marching toward the business districts on Saturday afternoon.

Here’s the scoop. They’re aligned with the March for Billionaires, a pro-wealth initiative.

Not anti-wealth.

The event — raising eyebrows online and largely believed to be satire  — is not a joke, but an opposition to a proposed state tax on billionaires.

As online spectators came across the event and questioned its satirical nature, Derik Kauffman, the event organizer, told a local news outlet, “Yes, it’s real.”

“Vilifying billionaires is popular. Losing them is expensive,” the promotional website reads. 

The organization argues that most billionaires made their fortunes building and investing in companies that employ thousands and “solve real problems.”

Mr. Kauffman, who is not a billionaire, told the San Francisco Examiner that he’s not receiving any funding from billionaires, but instead is footing the cost of the March for Billionaires website himself.

He said the war on California’s proposed Billionaire Tax Act was the catalyst for organizing the event. 

The labor-union-backed proposal in question would impose a one-time 5% tax on the total wealth of Californians worth over $1 billion. Some of those who would be subject to the tax have threatened to leave California or have already left, as predicted by the state’s Legislative Analyst’s Office.

“California benefits enormously when entrepreneurs choose to build here. We’re currently watching them leave,” the March for Billionaires website reads.

Even as the legislation has a slim chance of being enacted — California Gov. Gavin Newsom promised to fight it if it reaches the November ballot — it has still managed to prompt a reaction from Mr. Kauffman.

Mr. Kauffman said he fears the tax and a general negative attitude toward billionaires could push them to pack up and leave, taking their economic contributions along with them.

He acknowledges that not all billionaires are good people, extracting rather than creating wealth or causing political harm. But he said most have made “tremendous” contributions to society through their entrepreneurship, taxes and philanthropy. 

“That deserves our respect and admiration,” the website reads.