TL;DR
A proposed California ballot measure would impose a one-time 5 percent tax on extreme wealth, with retroactive effect if passed. Reports that Larry Page has purchased Miami properties and that Sergey Brin may also relocate highlight how seriously some ultra-wealthy individuals are treating the proposal.
What happened
A California ballot initiative proposing a one-time, 5 percent levy on ultra-high net worth individuals has prompted visible reactions among some tech founders. The measure, which would apply retroactively if approved, led several billionaires to consider leaving the state before the end of the year to avoid potential liability. Reporting in The Wall Street Journal says Google and Alphabet cofounder Larry Page recently spent more than $170 million on two Miami residences, an action presented as an apparent relocation to Florida. The report also indicated that his cofounder Sergey Brin might follow suit. Page’s wealth has grown substantially since he stepped back from daily management in 2019—rising from roughly $50 billion at that time to about $260 billion in recent estimates—making him the kind of taxpayer targeted by the proposed levy.
Why it matters
- A retroactive, one-time wealth tax could create incentives for wealthy residents to change domicile, affecting state tax revenue.
- Relocations by prominent tech founders would underscore the political and economic stakes of taxation debates in innovation hubs.
- The measure highlights growing public attention to extreme wealth inequality and possible policy responses.
- How California addresses the proposal could influence discussions about taxing wealth elsewhere.
Key facts
- The proposed measure would impose a one-time 5 percent tax on extreme wealth.
- The tax proposal would be applied retroactively if it were to pass.
- The initiative was framed as targeting extreme wealth inequality.
- Larry Page left day-to-day operations at Google/Alphabet in 2019.
- Page’s estimated net worth rose from about $50 billion in 2019 to roughly $260 billion in recent estimates.
- The Wall Street Journal reported Page purchased more than $170 million in two Miami homes.
- The Wall Street Journal indicated Sergey Brin might also relocate to Florida.
- Some billionaires reportedly considered leaving California before the end of the year in light of the proposal.
What to watch next
- Whether the California ballot initiative makes it onto the ballot and how voters respond — not confirmed in the source.
- If additional high-net-worth individuals announce changes in residency or property purchases in other states.
- Potential legal challenges over retroactive application of a wealth tax — not confirmed in the source.
Quick glossary
- Wealth tax: A levy assessed on the total value of an individual's assets, rather than on income or transactions.
- Retroactive tax: A tax applied to financial positions or actions that occurred before the tax law was enacted or voted into effect.
- Net worth: The total value of an individual's assets minus their liabilities; often used to gauge wealth.
- Ballot initiative: A process that allows citizens to propose and vote directly on legislation or constitutional amendments.
Reader FAQ
Did Larry Page move to Florida?
The Wall Street Journal reported he purchased more than $170 million in two Miami homes; the article described this as an apparent move.
What exactly is the tax being proposed?
The initiative would impose a one-time 5 percent tax on extreme wealth, with retroactive application if passed.
Are other billionaires leaving California?
The Wall Street Journal indicated Sergey Brin might move and reported that some billionaires considered leaving before year-end; broader departures are not detailed in the source.
Will this affect tech companies’ operations in California?
not confirmed in the source
STEVEN LEVY BUSINESS JAN 9, 2026 11:00 AM Silicon Valley Billionaires Panic Over California’s Proposed Wealth Tax Larry Page’s apparent Florida move highlights how seriously the ultra-rich are taking a…
Sources
- Silicon Valley Billionaires Panic Over California’s Proposed Wealth Tax
- California wealth tax proposal leaves billionaires with little …
- Wealth tax threat prompts at least six billionaires to cut ties …
- A Wealth Tax Floated in California Has Billionaires …
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