Proposed California Wealth Tax Has Billionaires Weighing Moves Out of State

Billionaires including Peter Thiel and Larry Page are considering cutting or reducing ties to California because of a proposed ballot measure that would tax residents worth more than $1 billion, people familiar with their thinking said. The proposal from the health care union S.E.I.U.-U.H.W.

would levy the equivalent of 5 percent of assets on California residents with more than $1 billion. If approved and placed on the ballot, it would apply retroactively to anyone who lived in the state as of Jan. 1, 2026; someone with $20 billion in assets would face a one-time tax of $1 billion, payable over five years, under the measure’s terms.

For Mr. Page, whose net worth the article cited at about $258 billion, the tax could exceed $12 billion. For Mr. Thiel, with an estimated net worth near $27.5 billion, the bill could be more than $1.2 billion. Representatives for both men did not respond to requests for comment. Some moves already noted in public records and reporting include three limited liability companies tied to Mr.

Page incorporating in Florida in mid-December, and Mr. Thiel exploring opening an office for Thiel Capital outside California and spending more time out of state. Mr. Thiel has also established residence in Miami, registered to vote in Florida, obtained New Zealand citizenship and explored citizenship in Malta, the article said.

Key Topics

AI, Tech, Wealth Tax, California, Billionaires, Relocation, Seiu-uhw