California's proposed billionaire tax spurs mass exodus
California wants to introduce a one-time 5% tax on billionaires' net worth in 2026, aiming to raise $100 billion for healthcare, education, and food aid.
The plan targets about 200 ultra-wealthy residents with $2 trillion in assets—but it's already making some of the state's biggest tech names pack their bags.
Impending tax hike sparks relocation
Big names like Mark Zuckerberg and Google's Larry Page and Sergey Brin have taken steps that suggest relocation, according to reports, though none have publicly said they are moving or cited the proposed tax as their reason.
Experts warn this "billionaire exodus" could mean fewer jobs, less innovation, and a hit to California's economy—so while the tax could help fund important programs, it might also push away some of the state's top talent.
The bill will only go ahead if enough voters support it this November.