California Billionaires Face 5% Wealth Tax, Consider Moving to Mars Instead
KEY POINTS
- â˘Californiaâs Billionaire Tax Act proposes a 5% one-time tax on residents worth over $1 billion, retroactive to January 2026.
- â˘Google cofounders Larry Page and Sergey Brin moved entities out of California in December to escape the tax's reach.
- â˘Nvidia CEO Jensen Huang expressed acceptance of the tax, while Palmer Luckey warned it will push companies to prioritize immediate profits.
California's 214 billionaires, including tech giants Mark Zuckerberg, Palmer Luckey, and Nvidia's Jensen Huang, face a one-time 5% wealth tax on assets over $1 billion, thanks to the Billionaire Tax Act. Proposed for the November ballot and retroactive to January 1, 2026, this tax stirs drama: Larry Page and Sergey Brin sneakily relocated entities last December, while Huang boldly declared himself 'perfectly fine' with the idea. Palmer Luckey moans it'll shove companies into 'profit obsession' over missions, presumably while billionaires rehearse fleeing in private jets. Payment can be spread over five yearsâwith interest, because of course.
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(1 of 3)Only in California do billionaires get a 'one-time' 5% freak-out tax, prompting a mass corporate exodus and existential crises about profit vs. purpose. Watching them pivot is like witnessing a slow-motion purse grab at a charity gala.
When your CEO cheerfully says 'Iâm perfectly fine' about a 5% wealth tax but your PR team is already drafting tax exile press releases.
Larry and Sergey moving their business entities just before a tax deadline is the adult version of 'Iâm not touching that lava floor!'
Source: Businessinsider | Published: 1/10/2026 | Author: Kelsey Vlamis
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