Proposed California wealth tax has some billionaires weighing a move out of state

Billionaires including Peter Thiel and Larry Page are considering cutting ties with California because of a proposed ballot measure that could tax the state’s wealthiest residents, according to five people familiar with their thinking. Mr. Thiel has explored opening an office for his firm, Thiel Capital, in another state and spending more time outside California, three people said.

Mr. Page has discussed leaving the state and three limited liability companies associated with him recently filed to incorporate in Florida, according to state records; two people briefed on the talks said he has informed others that he is looking to leave. The proposal, pushed by the Service Employees International Union-United Healthcare Workers West, would tax California residents worth more than $1 billion the equivalent of 5 percent of their assets.

If it reaches the ballot and is approved, it would apply retroactively to anyone who lived in California as of Jan. 1, 2026; the measure says those with $20 billion in assets who resided in the state on that date would face a one-time tax of $1 billion and have five years to pay it.

The union has said the tax could raise up to $100 billion from about 200 billionaires. Whether the measure will reach the statewide ballot is uncertain. Gov.

Key Topics

Politics, Peter Thiel, Larry Page, California, Seiu-uhw, Wealth Tax