CALIFORNIA / NEW YORK – Legendary director Steven Spielberg has relocated from California to Manhattan, amidst an exodus of billionaires from the "Golden State" and a heated debate over a proposed wealth tax on the super-rich.
According to media representative Terry Press, the move was long-planned and stemmed from Spielberg's and his wife Kate Capshaw's desire to be closer to their children and grandchildren in New York. The representative stated that the decision is unrelated to the "Billionaire Tax Act 2026" bill.
Proposed 5% Tax on Assets Over $1 Billion
If approved by voters in November, the bill would impose a one-time 5% tax on individual assets exceeding $1 billion, applied retroactively from the beginning of this year.
Proponents argue this measure could generate tens of billions of dollars to address the state's healthcare budget deficit. Opponents fear it would cause the super-rich to leave California, diminishing tax revenue.
Governor Gavin Newsom has previously expressed caution regarding the risk of capital and wealthy individuals leaving the state.
Tech Billionaires Consider Departure
Sergey Brin is funding the advocacy group Building a Better California to oppose the bill. The group has raised approximately $35 million.
Brin and Larry Page are reportedly looking for real estate in Florida. Reports also indicate that Mark Zuckerberg is considering a move to Florida.
Meanwhile, independent Senator Bernie Sanders held a rally in Los Angeles, advocating for the billionaire tax and emphasizing that power belongs to the voters.
Debate Continues
Assemblymember Kevin Kiley warned that a retroactive tax could set a precedent for extending to lower income groups in the future.
Spielberg's personal stance on the bill is currently unknown.
Spielberg's move to New York comes as the debate over tax fairness and California's economic competitiveness continues to draw national attention.
