Posted on 01/12/2026 9:52:14 PM PST by bitt
California lost a mind-boggling nearly $1 trillion in wealth in the past month alone thanks to fears over its proposed “Billionaire Tax,’’ according to one of the state’s wealthiest residents.
The under-fire measure, which even lefty Gov. Gavin Newsom opposes, would slap a onetime 5% tax on residents worth more than $1 billion as of Jan. 1, 2026.
“Collectively, the amount of Billionaire wealth that has left California in the last month (!) is now in excess of $700B,” fumed venture capitalist and former Facebook exec Chamath Palihapitiya on X on Friday.
“That means the $2T of California wealth they expected to tax is now down to $1.3T and falling quickly.
“I would not be surprised if 2026 ended with less than $1T of billionaire wealth in California and decades and hundreds of lawsuits,’’ Palihapitiya said of the whopping sum — which is enough to buy the entire NFL several times over and fund NASA at its current annual level for 40 years.
“A complete and total unforced error. Where was the Governor? Where are our leaders??” he raged.
The mere fear of the possibility of the measure — which could go to the polls in November 2026, making its potential start date retroactive — has reportedly left a slew of California’s roughly 215 billionaires to scoop up homes in states such as Florida and Tennessee and relocate at least some of their company offices out of state, too.
For example, while California had previously been the promised land for tech titans, more than 45 LLCs in the state tied to Google co-founder Larry Page have recently filed to go inactive or relocate out of state — as a trust linked to him snapped up a $71.9 million mansion in Miami’s Coconut Grove.
(Excerpt) Read more at nypost.com ...
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I think this is being deliberately done, so China can buy the state in an affordable fashion.
There is no such thing as “a one-time tax.”
They should just cut to the chase and kill all the billionaires and take their stuff.
A trillion dollars here, a trillion dollars there and before long we’re talking about some real money.
Paraphrase of GOP minority leader Everett Dirksen on his silly idea we shouldn’t keep going into deficit spending. Nobody cared.
Greasy Newscum is burning down California in more ways than one.
something to add to the mix...
Q: Is California experiencing an exodus of wealth, and how is it quantified, and how much is it in fiscal year 2025?
A: Yes, California is experiencing a significant “brain drain” and wealth exodus, particularly among high-net-worth individuals, quantified by increasing net out-migration (U-Haul data) and high-profile moves, with figures suggesting hundreds of billions in wealth potentially leaving due to proposed taxes, though exact FY2025 numbers are projections and tied to pending legislation like a wealth tax. This trend shows no sign of slowing, with some predicting a “mass migration” and further impacts on state revenue as billionaires and capital flee, according to sources from early 2026.
-gAI
RE: They should just cut to the chase and kill all the billionaires and take their stuff.
Please don’t give the Dem/Socialists more ideas. They may have seen Reds (1981 with Warren Beatty and Jack Nicholson) or Nicholas and Alexandria. Let alone Che (1969 with Omar Sharif).
For a smart VC guy, he sure is stupid. The Governor and the Democrat "Leaders" were out FRONT MAKING this happen. They honestly believed people would not vote with the feet. How STUPID can you possibly be?
Democrats think they can just steal other people’s money for free.
Well those guys can always walk away.
Easy enough.
It’s not just the billionaires leaving, with most tech companies allowing remote work the worker bees are leaving as well. Even if you have to go to the office, there are plenty of other states where Google, Meta, Amazon have built offices.
The productive people of CA are going full John Galt now.
Having homeless people camped out and defecating just outside your gated property can’t be good for executive morale.
Welcome to America, billionaires!
Now don’t support Democrats or we’ll deport you back to CA.
When you control a police state you don’t have to understand human behavior.
“would slap a onetime 5% tax on residents worth more than $1 billion as of Jan. 1, 2026.”
Onetime? Until next time.
There is nothing more permanent than a government “temporary” tax or program.
It’s too bad that those dill-hole billionaires aren’t forced to stay there and endure the fruits of their political support. Screw them. I don’t want them in my state repeating the same damn mistakes because with that sort of money they’re insulated from almost everything possible.
The people voted for it. It’s a sure way to cement one party rule for generations.
If there ever was an organization less worthy of funding it’s CA public schools. Academic results are abysmal compared to per pupil costs.
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