California Billionaires Tax Scores Enough Signatures For Ballot, Organizers Say
Forbes • • nation
Key Points:
- Organizers have gathered double the required signatures to place a one-time 5% wealth tax on California residents with assets over $1.1 billion on the November ballot, prompting several billionaires to change residency.
- Notable billionaires leaving California include Google co-founders Larry Page and Sergey Brin, Meta CEO Mark Zuckerberg, PayPal’s Peter Thiel, and others, many relocating primarily to Florida, with some moving to Texas and Nevada.
- Florida's luxury real estate market has surged, with Miami and Palm Beach seeing significant price increases, attracting wealthy individuals like Larry Ellison and Mark Zuckerberg.
- Some billionaires criticize the tax proposal but remain in California due to business ties, including LinkedIn’s Reid Hoffman and Vinod Khosla, while Nvidia CEO Jensen Huang supports the tax.
- The wealth tax has sparked debate about its impact on innovation and business presence in California, with some billionaires donating to oppose it and others openly voicing their disapproval.
