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Billionaire Tax Sparks Thiel, Page's California Exit Plans

3/25/2026

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Summary

Story summary

Peter Thiel and Larry Page plan to leave California to avoid the proposed billionaire tax.
The tax would impose a one-time 5% levy on residents with net worth over $1 billion.
A Stanford study estimates the tax would raise about $40 billion, well below supporters' $100 billion projection.
The Legislative Analyst's Office warns ongoing revenue declines will complicate California's fiscal outlook.

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Story summary

Peter Thiel and Larry Page plan to leave California to avoid the proposed billionaire tax.
The tax would impose a one-time 5% levy on residents with net worth over $1 billion.
A Stanford study estimates the tax would raise about $40 billion, well below supporters' $100 billion projection.
The Legislative Analyst's Office warns ongoing revenue declines will complicate California's fiscal outlook.