Larry Page might ditch California over billionaire tax plans
Google co-founder Larry Page is reportedly considering leaving California because of a proposed 5% wealth tax on anyone worth over $1 billion.
The tax, set to start in 2026, aims to raise up to $100 billion from about 200 billionaires, with each liable individual given five years to pay, to help cover Medicaid cuts.
Billionaires eye Florida as a tax-friendly escape
Page has already registered three companies in Florida, hinting at a possible move.
Tax expert David Lesperance says the plan "is sure to backfire," since high earners like Page could simply relocate to states like Florida or Texas—places with no income tax.
Why California cares if billionaires leave
California's top 1% pay nearly 40% of its income taxes.
If enough billionaires bail for lower-tax states, the state could lose hundreds of millions each year—making this more than just a billionaire problem.