But they Representatives for Thiel and Page did not respond to the Times. Supporters estimate the tax will raise up to $100 billion in revenue over five years. But the loss Bill Ackman, Palmer Luckey, Garry Tan, and more are sharing their opinions on a California billionaire tax proposal. California could be saying bye-bye to billions in tax revenue if voters approve a controversial wealth tax on the state’s roughly 200 billionaires. The filing of a statewide ballot measure seeking a one-time 5% wealth tax on California residents with more than $1 billion immediately raises legal questions about how far a state can go in taxing California’s wealth tax proposal didn’t pass, but broader trends toward taxing high earners continue reshaping state and local tax landscapes. Billionaires in the state say the wealth tax would drive capital out of the state, hurt It’s uncertain whether the proposal will reach the statewide ballot in November, but some billionaires like Peter Thiel and Larry Page may be unwilling to take the risk. A proposed billionaire tax in California has the wealthy threatening to flee, according to a letter written by power lawyer Alex Spiro to Gov. Ultra-wealthy taxpayers are actively Progressive ideas that originate in California have a habit of spreading. So far, California has not had a wealth tax, although it has been proposed a few times. A proposed ballot initiative would levy a one-time 5% wealth tax on people worth more than $1 billion in California. Ultra-wealthy taxpayers are actively making Billionaires are plotting to flee California if huge wealth tax passes by oflguy » December 23rd, 2025, 8:05 am Story by Annie Gaus, Josh Koehn California could be saying bye-bye to billions As a pre-emptive tactic to the potential passage of a wealth tax, millionaires, billionaires, and others may consider moving states. So it’s worth paying attention to legislation moving in Sacramento to Bill Ackman, Palmer Luckey, Garry Tan, and more are sharing their opinions on a California billionaire tax proposal. Billionaires living in California on January 1, 2026 would have to pay a one-time state tax equal to 5 percent of their net worth. Gavin Newsom. If passed, it would affect California residents who have lived in the state for at least six of the last ten Read the letter celebrity lawyer Alex Spiro wrote to Gavin Newsom, warning that his clients will 'permanently relocate' if California wealth tax passes By Jack NewshamMadeline Berg,. This proposed California exit tax is part of a broader California wealth tax proposal. Labor and health care groups are collecting signatures to put a measure that would levy a one-time 5% tax on the wealth of about 200 California billionaires would face a one-time 5% tax on their wealth through a ballot initiative that advocates say could bring in about $100 billion to cover state health-care costs. As California lawmakers brace for a major budget deficit, state lawmakers in a key committee this week are expected to consider a new tax on Learn about California's proposed wealth tax, its potential impact on high-net-worth individuals, and insights from wealth advisor Vincent Birardi. 2 billion if the proposed wealth tax is placed on the California ballot and approved by voters. A planned wealth tax worries 1% of California’s very wealthy who wonder, is everything they’ve worked so hard to acquire in danger of being Article Summary California’s proposed wealth tax has been a subject of much debate, aimed at taxing the ultra-wealthy on their net worth, rather than just California’s wealth tax proposal is unlikely to pass, thanks in part to Gov. We do not anticipate California to pass a wealth tax in the near future, however, we vigilantly follow updates related to the topic and encourage those who stand to California’s Legislative Analyst’s Office and Department of Finance have estimated that the state “would collect tens of billions of dollars from the wealth tax” in onetime payments. Ultra-wealthy taxpayers are actively making If passed, the measure would affect anyone who was a California resident at the start of 2026. The proposal would impose a 5% tax on California residents’ assets that are worth more than $1 billion. Gavin Newsom warned that billionaires will 'permanently relocate' if California wealth tax passes Read the letter celebrity lawyer Alex Spiro wrote to Gavin Newsom, warning that his clients A proposed billionaire tax in California has the wealthy threatening to flee, according to a letter written by power lawyer Alex Spiro to Gov. Tech investor Chamath Palihapitiya has warned on the risk of a wealth tax in California, saying it will eventually bankrupt the California could be saying bye-bye to billions in tax revenue if voters approve a controversial wealth tax on the state’s roughly 200 billionaires. No wealth tax has been enacted: As of June 5, 2025, California does not have a wealth tax in place. The latest proposal is targeted, and it may stand a better One-Time Wealth Tax on Billionaires. Peter Thiel, a tech venture capitalist, could face a tax bill of more than $1. Previous wealth tax proposals remain stalled: A proposed wealth tax aimed at billionaires hasn’t yet qualified for California’s ballot, but it’s already sparked intense pushback from tech founders in the state. Gavin Newsom’s opposition, but ultrawealthy taxpayers should be wary of what it portends, says Colony Group’s California could be saying bye-bye to billions in tax revenue if voters approve a controversial wealth tax on the state’s roughly 200 billionaires.
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