Story perspectives

Google Founders Shift Businesses Amid Proposed Wealth Tax

1/12/2026

Summary

Story summary

Larry Page, co-founder of Google, has reduced ties to California amid a proposed wealth tax on billionaires.
Page moved his businesses to Delaware and purchased a $71.9 million Miami mansion.
Sergey Brin, co-founder of Google, shifted 15 companies to Nevada.
The proposed tax could retroactively apply from January 1, 2026, aiming to address California's budget deficit and prompting debate about innovation and jobs.

History

Historical Context

California's Proposition 13, passed in 1978, capped property tax increases and drastically reduced local government revenue, leading to a 60% decline in property tax revenue the following year. This initiative sparked ongoing debates about taxation and its impact on businesses, including tech giants like Google. The proposed wealth tax on billionaires highlights the tension between taxation and innovation, potentially reshaping California's economic landscape.

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Story summary

Larry Page, co-founder of Google, has reduced ties to California amid a proposed wealth tax on billionaires.
Page moved his businesses to Delaware and purchased a $71.9 million Miami mansion.
Sergey Brin, co-founder of Google, shifted 15 companies to Nevada.
The proposed tax could retroactively apply from January 1, 2026, aiming to address California's budget deficit and prompting debate about innovation and jobs.

1 / 2