Los Angeles Billionaire Moves To Nevada To Sidestep Proposed California Wealth Tax
Forbes • • business
Key Points:
- Billionaire Don Hankey paid a record $21 million for a luxury penthouse near Las Vegas, motivated by California's proposed 5% billionaire wealth tax aimed at raising $100 billion for healthcare and education.
- The tax would impose a one-time levy on nearly all assets of billionaires residing in California as of January 1, 2026, potentially costing Hankey around $400 million given his estimated $8.2 billion net worth.
- Hankey, who built his financial empire in California, plans to spend two-thirds of his time outside the state and shift investments to Nevada due to the political climate and tax concerns.
- Other billionaires, including Larry Page and Travis Kalanick, have expressed similar concerns or already relocated,
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