8 billionaires who fled California before the "Wealth Tax" hit - and one who didn't

"California's 2026 Billionaire Tax Act, a citizen-led initiative, proposes a 5% excise tax on the global net worth of billionaires, with a retroactive residency date."

"The measure aims to raise approximately $100 billion for Medi-Cal, food assistance, and education, but analysis indicates a significant loss in the tax base."

"Larry Page and Sergey Brin's departure from California alone accounted for an estimated $26.7 billion reduction in the initiative's projected revenue."

"By the time the dust settled, roughly $1.1 trillion in wealth had effectively left California's prospective tax base due to the proposed tax."

The 2026 Billionaire Tax Act in California proposes a one-time 5% excise tax on individuals with a global net worth exceeding $1 billion. The act includes a retroactive residency snapshot date of January 1, 2026, leading to a decision window for wealthy individuals to relocate before the tax takes effect. The initiative is projected to raise about $100 billion for public services, but analysis shows that nearly 30% of the tax base left California, significantly reducing projected revenue to around $40 billion.

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