Big Tech Titans Say "We'd Rather Move"... Will California's 'Billionaire Tax' Be Introduced?
by Heo Midam
Published 28 Apr.2026 08:13(KST)
Wealth Tax Debate Intensifies in California
Mark Zuckerberg Also Purchases Home in Florida
A proposal to introduce a "wealth tax" targeting billionaires in California, United States, is likely to be put to a public vote.
According to the British daily The Guardian on the 27th (local time), the Western Healthcare Division of the Service Employees International Union (SEIU), which has been pushing for the so-called "billionaire tax," has collected signatures from approximately 1.5 million people. The number of signatures required to put the issue on the ballot is 875,000, meaning the campaign has far surpassed its goal. The signatures will undergo verification by election authorities, and a decision on whether the measure will be included in the vote is expected by the end of June. If approved, a public referendum will be held in November.
The bill proposes a one-time tax of 5% on assets belonging to individuals residing in California with a net worth of 1 billion dollars (about 1.46 trillion won) or more. The assets subject to taxation include stocks, artwork, corporate shares, collectibles, intellectual property, and other types of assets. The union claims that this would secure about 100 billion dollars in funding, which could be used to bolster Medicaid, the health insurance program for low-income individuals. They have also argued that the measure would help sustain the public healthcare system and contribute to reducing social inequality.
On the other hand, business leaders and California Governor Gavin Newsom are strongly opposed to the introduction of the billionaire tax. They have expressed their determination to block the measure, arguing that the tax would negatively impact the economy and could lead to an outflow of investment.
In fact, California is regarded as the state with the largest number of billionaires in the United States. However, as moves to introduce new taxes have gained momentum recently, there have been cases of some wealthy individuals relocating their assets and residences to other regions.
According to Forbes, last year Google co-founder Larry Page closed or relocated 45 companies within California and moved his residence to Miami, Florida. Sergey Brin, another Google co-founder, also purchased real estate in Florida and Nevada, while Mark Zuckerberg, CEO of Meta, bought a home in Florida. In addition, other prominent figures such as Peter Thiel, founder of PayPal, Travis Kalanick, former CEO of Uber, and Larry Ellison, founder of Oracle, have either sold real estate in California or announced plans to relocate.
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