California Wealth Tax: See List of Over 200 Billionaires in the State
Business Insider••business
Key Points:
- California proposes a one-time 5% wealth tax on residents worth over $1 billion, potentially generating significant revenue if billionaires remain in the state.
- The tax would apply retroactively to billionaires as of January 1 and be payable starting in 2027, with an option to spread payments over five years with interest.
- The proposal has sparked mixed reactions, with some billionaires like Nvidia CEO Jensen Huang supporting it, while others warn it could drive wealthy residents and businesses out of California.
- Notably, Google cofounders Larry Page and Sergey Brin moved some business entities out of California ahead of the tax deadline.
- California had 214 billionaires as of January 1, highlighting the potential impact and
