California Proposes Billionaire Wealth Tax Prompting Asset Moves

California officials have proposed a one-time 5% wealth tax on residents worth more than $1 billion, which would take effect retroactively for those living in the state as of January 1, 2026 if approved by voters in November. The proposal has prompted moves by billionaires; Business Insider reports Larry Page moved his family office to Delaware in late December, and an entity tied to Sergey Brin and Page relocated at the end of 2025.