California\u2019s proposed 2026 Billionaire Tax Act could appear on the state\u2019s November 2026 ballot and would impose a onetime tax on its wealthiest residents.<\/p>\n
The measure would slap the 5% tax on individual fortunes exceeding $1 billion \u2014 and be applied retroactively to residents in the state as of Jan. 1, 2026.<\/p>\n
That looming deadline is giving California\u2019s roughly 2015 billionaires a limited opportunity to change their tax residency.<\/p>\n
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The tax would cover worldwide assets such as businesses, stocks, bonds, art, collectibles and intellectual property, but would exclude directly held real estate, pensions and retirement accounts. Individuals who are California residents as of January 1, 2026, would be subject to the tax even if they move out of state before the election.<\/p>\n
The Service Employees International Union-United Healthcare Workers West, which is backing the bill, said the proposed start date was to ensure that the billionaires \u201ccan\u2019t avoid responsibility by moving their assets or claiming residency elsewhere\u201d just to dodge it.<\/p>\n
The union says the funding is needed to close a federal budget gap hitting crucial state services such as healthcare.<\/p>\n
But critics argue that the tax targets unrealized gains, or \u201cpaper wealth,\u201d and may force some residents to sell assets to pay it. Taxpayers can pay the full amount at once or in 5-year installments with interest, offering flexibility for those facing liquidity challenges.<\/p>\n
Several billionaire ballers have already scooped up tony properties in other states and even moved some of their businesses in search of friendlier horizons. They include:<\/p>\n
Larry Page<\/p>\n
ZUMAPRESS.com<\/p>\n
The Google co-founder had more than 45 California LLCs tied to him recently file to go inactive or relocate out of state \u2014 as a trust linked to him snapped up a $101.5 million waterfront estate and another $71.9 million mansion in Miami\u2019s exclusive Coconut Grove. <\/p>\n
Sergey Brin (L) and Larry Page. EPA<\/p>\n
Sergey Brin<\/p>\n
(Credit too long, see caption)<\/p>\n
Page\u2019s Google co-founder is currently shopping for a Miami waterfront home after 15 limited liability companies overseeing his investments and interests were terminated in California or converted into Reno, Nev., entities.<\/p>\n
Peter Thiel<\/p>\n
AP<\/p>\n
The co-founder of PayPal and Palantir Technologies recently opened an office in the Sunshine State after purchasing a Miami Beach mansion in 2020 and registering to vote in the state.<\/p>\n
David Sacks<\/p>\n
Getty Images<\/p>\n
The White House AI and crypto czar and Craft co-founder publicly announced his move to Austin, Texas, on New Year\u2019s Eve.<\/p>\n
Lynsi Snyder<\/p>\n
MediaNews Group via Getty Images<\/p>\n
The In N Out heiress relocated her family and established a second corporate office in Franklin, Tenn. She clarified that the wildly popular burger chain\u2019s corporate headquarters will remain in California, with plans to consolidate operations and close the Irvine office by 2030.<\/p>\n
Whether California voters will greenlight the measure, if it even gets enough signatures to get on the ballow, remains uncertain. Tax hikes on state ballots have a checkered past, and Gov. Gavin Newsom is already rallying opposition.<\/p>\n","protected":false},"excerpt":{"rendered":"California\u2019s proposed 2026 Billionaire Tax Act could appear on the state\u2019s November 2026 ballot and would impose a…\n","protected":false},"author":2,"featured_media":131041,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[9329,7,9,8,50811,1694,3586],"class_list":{"0":"post-131040","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-california","8":"tag-billionaires","9":"tag-california","10":"tag-california-headlines","11":"tag-california-news","12":"tag-relocation","13":"tag-taxes","14":"tag-us-news"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/131040","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=131040"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/131040\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/131041"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=131040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=131040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=131040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}