Senator Bernie Sanders spoke to a crowd in Los Angeles on Wednesday, campaigning for a ballot initiative that would impose a one-time 5% tax on the net worth of California billionaires.
The measure, backed by unions, targets residents earning $1 billion or more, with proceeds earmarked for healthcare and education. While Sanders framed the tax as a fight for economic fairness, the plan is already prompting high-profile departures.
Google co-founders Larry Page and Sergey Brin are relocating assets out of state, Oracle founder Larry Ellison sold his San Francisco mansion, and Mark Zuckerberg is buying a waterfront property in Miami. Venture capitalist Ben Horowitz has already moved to Las Vegas.
Nevada is benefiting from the migration. Real estate firms report rising interest from Californians, and the state gains both property taxes and business activity from new arrivals. The low-tax environment, including a no-income or wealth tax, contrasts sharply with California’s policies.
Governor Gavin Newsom opposes the measure, warning it could drain the state’s top earners. Republican lawmakers are exploring federal protections for those leaving, and opposition groups have already raised millions to block the initiative.
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