Explaining California's billionaire tax: The proposals, the backlash and the exodus

Los Angeles Times • January 19, 2026 • nation

Key Points:

California is considering a proposed Billionaire Tax Act that would impose a one-time 5% tax on residents worth over $1 billion, aiming to raise funds for healthcare, education, and food assistance; the tax would affect about 200 billionaires and exclude real estate, pensions, and retirement accounts.
Several high-profile tech billionaires, including Larry Page, Sergey Brin, Peter Thiel, Larry Ellison, and Andy Fang, have shown signs of distancing themselves from California, with some relocating companies or expressing intentions to leave due to the proposed tax.
To qualify for the November ballot, proponents must gather nearly 875,000 signatures by June 24; if approved by voters, the measure would face legal challenges from billionaire-backed lawyers