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9h ago

Google Founders Pull Back From California as Billionaire Tax Push Triggers Late-December Moves

Backers project roughly $100 billion for healthcare from a one-time levy on billionaires, with the campaign still collecting signatures.

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Palmer Luckey, Mark Zuckerberg, and Jensen Huang are among the billionaires that could be impacted by a California wealth tax.
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Overview

  • The union-backed Billionaire Tax Act would impose a one-time 5% tax on California tax residents with net worth of at least $1 billion, keyed to residency on Jan. 1, 2026, with payment beginning in 2027 and an option to spread it over five years with interest.
  • Filings reviewed by news outlets show Sergey Brin terminated or relocated 15 California LLCs in the 10 days before Christmas, with several converted to Nevada entities.
  • More than 45 Larry Page–linked LLCs filed to become inactive or to move out of state, and a trust tied to Page purchased a $71.9 million home in Miami’s Coconut Grove.
  • The measure remains an unqualified initiative as organizers seek roughly 875,000 valid signatures for the November 2026 ballot.
  • Reaction is split, with Nvidia CEO Jensen Huang saying he is perfectly fine with the tax, while LinkedIn co-founder Reid Hoffman and Gov. Gavin Newsom voice concerns about design and competitiveness; SEIU–UHW says most billionaires stayed past the Jan. 1 trigger even as advisers report some departures.