From The Times of London,
‘Tax-the-rich wildfire’: the billionaires fleeing California:
A 5 per cent tax grab on assets has the super-rich packing their bags and moving out of state — and even out of the country.
The proposed 5 percent tax on wealth (not income) is on the ballot for this upcoming November. If passed by California voters, it will be retroactive back to January 1, 2026. So many billionaires aren’t sticking around to find out how it turns out.
The Times reports,
On Tuesday, the news broke that the world’s second-richest man, Google’s co-founder Larry Page, 52, had moved many of his business interests out of California, including his family office, and paid $173.4 million for two homes in Coconut Grove, Miami.
I’ve been to Coconut Grove. It’s nice there. Yesterday, the New York Post reported,
California lost a mind-boggling nearly $1 trillion in wealth in the past month alone thanks to fears over its proposed “Billionaire Tax,’’ according to one of the state’s wealthiest residents.
Hasta la vista, baby!
