Larry Page could dodge nearly $15 billion in taxes after leaving California for Miami

Key Points:

• Some billionaires, including Google cofounder Larry Page, relocated from California to avoid a new wealth tax, with Page moving his family office and related entities to Delaware and purchasing expensive Miami properties totaling over $170 million.
• Other tech billionaires like Jeff Bezos, Howard Schultz, Sergey Brin, and Peter Thiel have also moved from West Coast states with new or proposed wealth or income taxes to Florida, attracted by its lack of income, capital gains, and wealth taxes.
• These relocations have significantly impacted California’s expected revenue from Proposition 40, with departures of just a few billionaires potentially reducing tax proceeds by nearly $29 billion, over a quarter of the projected $100 billion.
• While many ultrawealthy individuals prefer to remain in California due to personal ties, financial considerations related to taxation are prompting them to move, according to real estate brokers familiar with these clients.