Who’s leaving, who’s staying: The SF Standard’s billionaire tax tracker
The San Francisco Standard • • business
Key Points:
- A proposed California billionaire tax initiative aims to impose a 5% tax on the net worth of billionaires living in the state as of January 1, 2026, potentially raising $100 billion for state healthcare if approved by voters and surviving legal challenges.
- The initiative has prompted some billionaires to relocate, with advisors reporting clients moving residences to states like Texas and Florida to avoid the tax, though California residency rules are complex and audits invasive.
- Prominent billionaires such as Larry Page and Sergei Brin have taken steps to leave California, while others like Jensen Huang remain indifferent, and some, including Reid Hoffman and Michael Moritz, have publicly criticized the tax proposal.
- Peter Thiel has actively opposed the tax
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