timesofindia -- Google cofounder Larry Page leaves California, the state that has been his home for years, with family. The mass restructuring comes as California debates a controversial ballot measure that would impose a one-time 5% tax on residents worth over $1 billion. If voters approve the measure in November 2026, it would apply retroactively to anyone living in California as of January 1, 2026. For Page—currently ranked the second-richest person globally by Bloomberg's Billionaires Index—that could mean a tax bill exceeding $12 billion.
The New York Times reported in December that Page told associates he was considering relocating to Florida specifically because of this proposal. He's not alone in his concerns. Fellow tech billionaire Peter Thiel has opened a Miami office for his investment firm, Thiel Capital, while venture capitalist David Sacks launched operations in Austin, Texas.
The proposed tax, backed by healthcare union SEIU-United Healthcare Workers West, aims to raise $100 billion over five years from California's approximately 200 billionaires. Supporters argue the revenue would offset anticipated federal budget cuts to healthcare, education, and food assistance programs.
![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}