California Wealth Tax Targets Over 200 Billionaires—See the Full List
California is home to more billionaires than any other U.S. state or nation. A recently proposed wealth tax targets these individuals, offering potential economic benefits if they remain in the state. Under the Billionaire Tax Act, residents with a net worth exceeding $1 billion would pay a one-time tax of 5% on their assets.
Details of the Proposed Wealth Tax
If sufficient signatures are gathered, the tax could be on the ballot this November. If enacted, it would apply retroactively to billionaires residing in California as of January 1. Payments for the tax would be due in 2027, with the option to defer payments over five years, with interest.
Reactions from Lawmakers and Business Leaders
- Some politicians and business leaders have expressed strong opinions on the tax.
- Google co-founders Larry Page and Sergey Brin relocated their business entities out of California recently.
- Nvidia’s CEO, Jensen Huang, indicated he supports the tax.
- Palmer Luckey, the founder of Anduril, expressed concerns about the tax impacting long-term sustainability in businesses.
Critics argue that this tax could prompt wealthy residents to leave California, detrimental to the state’s economy. As of the latest count on January 1, there were 214 billionaires in the state, according to Forbes data compiled by Americans for Tax Fairness, an organization promoting higher taxes.
List of California Billionaires
Below is a list of billionaires based in California. Notably, those who have moved some business interests out of the state are marked with an asterisk.
