Possible California Wealth Tax Causes Billionaire Freakout: Page, Thiel Threaten To Leave

The "2026 Billionaire Tax Act" would tax California residents whose net worth exceeds $1 billion up to 5% of their assets, and those with at least $20 billion in assets as of Jan. 1, 2026, would face a one-time tax of $1 billion. If the proposal was approved, Page would face a tax of roughly $12.8 billion in addition to the $1 billion one-time tax, while Thiel and Palihapitiya would pay about $2.35 billion and $60 million, respectively. The bill was proposed by the healthcare union Service Employees International Union-United Healthcare Workers West, which said the bill could generate up to $100 billion from 200 billionaires in the state. About 90% of these tax revenues would be used for health care, while 10% would fund food assistance and education-related programs...