6 billionaires flee California taking $27 BILLION in wealth taxes with them

As California weighs a 5 percent wealth tax, six of the state’s billionaires have left because of it, taking with them a collective $27 billion in tax revenue. This represents roughly one-fourth of the $100 billion the initiative was projected to bring in.

Google founders Larry Page and Sergey Brin left for Miami, as well as venture capitalist Peter Thiel. Former Uber CEO Travis Kalanick has left for Texas. Don Hankey, a car loan magnate, left for Las Vegas. Famed Director Steven Spielberg moved to New York City, with representatives claiming he moved to be closer to family. All six left the state before the proposed initiative’s January 1, 2026 cutoff.

Per Fortune, these six billionaires, out of the state’s 214, would have brought in a collective $27 billion under the proposed tax that would levy a one-time tax on the net worth of residents with assets worth at least $1 billion. Page’s net worth would have brought the state $13 billion, while Brin would be forced to fork over $12 billion. Thiel, Kalanick, and Hankey combined would have brought in $1.775 billion.

Wealthy figures, including those both inside and outside of California, have been donating to campaigns that are fighting the tax, including Brin, who donated $20 million to Building a Better California.

In the wake of California’s initiative being announced, other cities and states have weighed similar taxes. Rhode Island Governor Dan McKee has backed a 3 percent tax on millionaires, while Washington state passed a 9.9 percent income tax above $1 million per year.

In New York City, Mayor Zohran Mamdani has been pushing to tax the wealthy members of his city in order to fund social programs. New York Governor Kathy Hochul this week begged wealthy former residents to return to her state in order to fund "generous social program" with their tax dollars.

"I need people who are high net worth to support the generous social programs that we want to have in our state. Now, there are some patriotic millionaires who stepped up. Ok, cut me the checks if you want to be supportive, but maybe the first step should be go down to Palm Beach and see who you can bring back home," Hochul said during an interview with Politico.