US EditionSilicon Valley Billionaires Fund Fight Against Proposed California Wealth Tax
Spielberg's move was family-motivated while Zuckerberg considers a $200 million Florida mansion as California's proposed 5% wealth tax aims to raise $100 billion for healthcare.
- Filmmaker Steven Spielberg and Kate Capshaw, who became New York residents on Jan. 1, 2026, settled in the San Remo co-op, amid speculation linked to the California billionaire tax debate.
- Backers of the California Billionaire Tax Act, led by Service Employees International Union-United Healthcare Workers West, must gather nearly 875,000 signatures by June 24 to qualify the one-time 5% tax on net worth over $1 billion, potentially raising roughly $100 billion.
- A spokesperson for Spielberg said he moved to be near his New York-based children and grandchildren, and representatives for Zuckerberg declined to comment on his Florida plans.
- Building a Better California received a $20 million donation last month from Brin, and eight other executives donated $15 million, contributing to Democratic schism.
- Studies find that European wealth-tax experience shows many repeals due to capital flight and costs, with taxes averaging about 0.2% of GDP, undermining revenue.
12 Articles
12 Articles
Wealth tax fears? Why Mark Zuckerberg, Larry Page and other top billionaires are leaving California — explained
California's proposed 5% wealth tax on billionaires has sparked debate, prompting some high-profile figures to leave the state. Here's all about the proposed tax.
Steven Spielberg leaves California for New York. Legendary hit director like E.T. and Jurassic Park became the last Hollywood star to leave the Golden State in recent months. He not only bought a property in an exclusive Manhattan building, but also his producer, Amblin Entertainment, opened an office in the city. Read more
Silicon Valley billionaires fund fight against proposed California wealth tax
Google cofounder Sergey Brin is now one of several Silicon Valley leaders backing proposed ballot measures that would essentially undercut the proposed billionaire tax in California. Brin is also one of several billionaires who’ve moved out of the Golden State with the potential tax looming. Building a Better California Brin is helping finance a group called Building a Better California. That group is supporting numerous potential ballot measure…
O’Leary blasts California wealth tax as ‘bad management,’ calls on residents to 'hire' new leaders
"Shark Tank" investor Kevin O’Leary tore into California Democrats as "terrible managers" over a proposed billionaire wealth tax Thursday, urging state residents to fire their leaders and "hire somebody else.""Why don’t the people of California say, ‘We have terrible managers?’" O’Leary asked on "Varney & Co.""They never talk about why expenses are going up, why they should cut government. Their services aren’t any better than what I’m getting h…
Cal Matters
California can learn from European countries that tried wealth taxes
Guest Commentary written by Jared Walczak Jared Walczak is a visiting fellow with the California Tax Foundation and president of Walczak Policy Consulting The proposed California wealth tax has no antecedents in the United States. European countries, by contrast, have spent decades experimenting with wealth taxes and their experience, which has been profoundly negative, can help California avoid repeating their mistakes. Over the past six decad…
Billionaires Spielberg, Zuckerberg eyeing East Coast, stirring concerns about California's wealth-tax proposal
Filmmaker Steven Spielberg recently moved to Manhattan and Facebook founder Mark Zuckerberg is eyeing property in South Florida as a labor union tries to place a wealth tax on the November ballot in California.
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