LA Times: Billionaires Flee State When It Asks for ‘A Little Something Back’

The New York Post reported last week that six billionaires had already severed ties with California, and that at least 20 more were considering relocating out of the state due to the state's proposed wealth tax:

The threat of a steep new wealth tax in California has reportedly prompted at least six billionaires including Larry Page and Peter Thiel to cut their ties with the state — and as many as 20 others could be heading for the exits.
The half-dozen billionaires made their moves before New Year’s Day — the cutoff date to avoid a potential one-time tax of 5% on fortunes exceeding $1 billion — which California residents will vote on in November, according to Bloomberg News.
David Lesperance, a tax adviser who specializes in relocating ultra-wealthy clients out of high-tax jurisdictions, told the outlet he personally helped four billionaires end their California residency before the proposal’s Jan. 1 cutoff date.

Google co-founder Larry Page and PayPal co-founder Peter Thiel have set their sights on Florida.

The Los Angeles Times has decided that since California made them rich, it was only fair for them to pay up when the state asked for "a little something back."

Commentary: California made them rich. Now billionaires flee when the state asks for a little something back. https://t.co/P0yLqjNhHo
— Los Angeles Times (@latimes) January 11, 2026

News and culture critic Lorraine Ali writes:

California helped make them among the richest people in the world. Now they’re fleeing because California wants a little something back.
The proposed California Billionaire Tax Act has plutocrats saying they are considering deserting the Golden State for fear they’ll have to pay a one-time, 5% tax, on top of the other taxes they barely pay in comparison to the rest of us. Think of it as the Dust Bowl migration in reverse, with The Monied headed East to grow their fortunes.
…
If the tax should be voted into law, what would it mean for those poor tycoons who failed to pack up the Lamborghinis in time? For Thiel, whose net worth is around $27.5 billion, it would be around $1.2 billion, should he choose to stay, and he’d have up to five years to pay it.
Yes, it’s a lot … if you’re not a billionaire. It’s doubtful any of the potentially affected affluents would feel the pinch, but it could make a world of difference for kids depending on free school lunches, or folks who need medical care but can’t afford it because they’ve been squeezed by a system that places much of the tax burden on them.

This is wild. @LorraineAli Surely as someone at least moderately familiar with CA politics you know this tax isn’t going towards “helping others who need a financial boost.”

It’s going to NGO’s, fraud, and Medi-Cal for illegals - all of Gavin’s pet priorities. pic.twitter.com/gHcLp5Srnr
— Matt Whitlock (@MattWhitlock) January 12, 2026

These socialists are always dreaming about what they could do with all of the money that those billionaires don't really need to live.

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LA Times: Billionaires Flee State When It Asks for ‘A Little Something Back’

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