California Congressman Darrell Issa discusses reports that as many as 20 billionaires could leave the state amid concerns over a proposed new wealth tax that critics say drives away high-net-worth California taxpayers on ‘The Evening Edit.’
Sergey Brin is severing business ties with California, joining Larry Page in breaking away from the state where they launched Google more than two decades ago.
According to the New York Times, days before Christmas, a business connected to Brin terminated or moved 15 California limited liability companies (LLCs) out of state and several were converted into Nevada entities.
In December, more than 45 California LLCs associated with Page filed for bankruptcy or bankruptcy, and a trust affiliated with him recently purchased a $71.9 million home in Miami.
The Times also reported that another organization jointly owned by Brin and Page moved from California to Nevada on Christmas Eve.
WASHINGTON POST READS U-HAUL DATA IN CALIFORNIA EXODUS TO ‘GROWTH’ COUNTIES, SAYS ‘BLOCKING CHOOSES’
Alphabet president and Google co-founder Sergey Brin attends a dinner with technology leaders in the State Dining Room of the White House in Washington, DC, on Thursday, September 4, 2025. (Will Oliver/EPA/Bloomberg via Getty Images / Getty Images)
The outlet said Google’s founders still have homes throughout the Golden State.
The news comes as proponents of the California Billionaire Tax Act push a proposed ballot measure that would impose a one-time 5% tax on residents with more than $1 billion in net worth.
Supporters say the measure will raise billions for health care and other public services, while critics warn it could further siphon off wealth and property from the government.
A large Google logo is seen at the Google Bay View campus in Mountain View, California, on Aug. 13, 2024. (Josh Edelson/AFP via Getty Images/Getty Images)
CALIFORNIA WILL REGRET BILLIONARIES, WASHINGTON POST EDITOR WARNS
“California has about 200 billionaires with a combined net worth of an astounding $2 trillion. These billionaires pay less than 1.5% of their net worth in annual taxes, including federal, state, and local taxes, according to the leading economic indicators—a fraction of what ordinary Californians pay,” reads a November letter from supporters of the initiative to California Attorney General Roberta.
The ‘Big Money Show’ panel reacts to the billionaires fleeing California as the wealth tax proposed by Gov. Gavin Newsom sparks backlash and red-country migration.
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The California Billionaire Tax Act website says the one-time tax will be “less noticeable,” saying billionaires’ wealth grows at an average rate of 7.5% per year and will continue to rise even after paying it off.
The Service Employees International Union-United Healthcare Workers West, which supports the ballot initiative, said supporters will begin collecting signatures in January after Bonta released the title and summary of the measure, which paves the way for him to seek qualifications on the November 2026 ballot.
