"The rush to buy in Florida has been fueled partly by California's proposed Billionaire Tax Act, which would charge billionaires who resided in California after Jan. 1, 2026 with a one-time tax on 5% their total net worth."
"The bill aims to collect $100 billion in revenue that would go toward funding health care, education, and food assistance, but it requires 875,000 signatures to get on the ballot."
"Many wealthy individuals in California have come out against the tax, including Brin, who donated $20 million to a political action committee running counter measures to weaken the billionaire tax."
A significant migration of billionaires from the West Coast to Florida is occurring as they seek to escape wealth taxes. Notable figures like Larry Page and Sergey Brin have purchased properties in Florida to avoid California's proposed Billionaire Tax Act. This act would impose a one-time 5% tax on billionaires residing in California after January 1, 2026. The bill aims to raise $100 billion for public services but faces opposition from wealthy Californians, including Brin and Thiel, who are funding efforts to counter the tax proposal.
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