Billionaires Running From California Because of This Tax #wealth #nomad #expat

Summary

The proposed 2026 Billionaire Tax Act in California would impose a 5% one-time wealth tax on billionaires residing in the state, prompting high-profile individuals like Google co-founder Larry Page and venture capitalist Peter Teal to take steps to terminate their California residency. The potential law, which could be retroactive to January 1st, 2026, comes at a time when California already has the highest personal income tax rate in the US at 13.3%. For expats and digital nomads, this development underscores the strategic financial advantage of transferring residency to a low-tax state to minimize tax liability.