California imposed an exit tax for those wishing to flee the state, but with insufficient funding and desperation to maintain tax revenue, the state is considering legislation that would steal a portion of one’s net worth and redistribute it to social programs.
The Billionaire Tax Act would impose a 5% tax on the total wealth of state residents with a net worth over $1 billion. There are around 250 billionaires currently living in California. The law will apply to anyone who resided in California as of January 1, 2026, which means it is too late to get out.
Net worth includes unrealized gains—stocks, businesses, real estate, collectibles, etc…
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