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California Billionaire Exodus Looms Over Wealth Tax Proposal Key Points Proposed California wealth tax would impose a one-time 5% tax on assets over $1 billion, potentially raising $100 billion for healthcare and budget needs Billionaires like Peter Thiel and Larry Page are considering relocating due to the tax, with Page filing incorporation documents in Florida Critics, including Bill Ackman and Chamath Palihapitiya, warn the tax could trigger an
A Wealth Tax Floated in California Has Billionaires Thinking . . . Billionaires including Peter Thiel, the tech venture capitalist, and Larry Page, a co-founder of Google, are considering cutting or reducing their ties to California by the end of the year because of a proposed ballot measure that could tax the state’s wealthiest residents, according to five people familiar with their thinking Mr Thiel, 58, who owns a home in the Hollywood Hills and