"Six of California's 214 billionaires have been widely reported to have left the state in time to avoid a proposed 5% wealth tax - but that small cohort would have collectively generated $27 billion in tax revenue, roughly a fourth of the initiative's projected $100 billion haul."
"If the state were to tax Page's $260 billion net worth at 5%, they would rake in $13 billion in tax revenue. Brin's taxes would bring in about $12 billion. While Thiel, Kalanick, and Hankey may not rank among the top 5 richest men in the world, together they would have generated $1.775 billion."
"Last November, panic erupted over the announcement of a proposed billionaire's tax in California. The tax would levy a one-time 5% tax on the net worth of California residents with assets worth at least $1 billion. California's progressive governor, Gavin Newsom, emerged as the measure's biggest opponent and vowed to stop the tax to protect the state's tech industry and overall economy."
California proposed a one-time 5% wealth tax on residents with assets exceeding $1 billion, projected to generate $100 billion in revenue. Governor Gavin Newsom opposed the measure to protect the tech industry. Six billionaires have reportedly left California before the January 1, 2026 deadline, including Google founders Larry Page and Sergey Brin, venture capitalist Peter Thiel, car loan magnate Don Hankey, former Uber CEO Travis Kalanick, and director Steven Spielberg. Additional billionaires like Mark Zuckerberg and venture capitalist David Sacks also departed. These departures would collectively eliminate approximately $27 billion in potential tax revenue, significantly undermining the initiative's financial projections.
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