California Wealth Exodus
Tracking the lost tax revenue already from the mere proposal of the Billionaire Tax Act Asset Seizure Act (announced October 22, 2025)
Impact So Far:
Total Billionaire Departures
0
Wealth that has left California
$0
Lost Annual Tax Revenue
$0
Public Departures
Billionaires
0
Combined Net Worth
$0
Wealth that has left California
Lost Annual Tax Revenue
$0
Estimated 1.5% of wealth in annual state taxes
Who Left
Stealth Departures
Billionaires
~43
Combined Net Worth
~$322.5B
Based on $7.5B per billionaire
Lost Annual Tax Revenue
$4.8B
Estimated 1.5% of wealth in annual state taxes
Considering
Billionaires (out of ~215)
0
Combined Net Worth
$0
Based on $7.5B per billionaire
Potential Lost Annual Revenue
$0
Estimated 1.5% of wealth in annual state taxes
Take Action
Tell the Union to Withdraw
Reach out to SEIU-UHW and tell them to withdraw this proposed ballot measure, which is already costing taxpayers billions and will lead to the destruction of the startup environment that funds our state.
Contact SEIU-UHWContact Your Legislators
Contact your State Assemblymember and Senator to urge the adoption of a constitutional amendment that permanently prohibits the imposition of wealth taxes in California.
Find Your RepresentativesWill the Billionaire Tax Pass?
About the 2026 Billionaire Tax Act: This ballot initiative would impose a one-time 5% tax on the net worth of California residents exceeding $1 billion, based on residency as of January 1, 2026. Real estate, pensions, and retirement accounts are excluded. Payment can be made as a lump sum or spread over 5 years with a 7.5% annual deferral charge.
Lost Tax Revenue: Calculated at 1.5% of net worth annually, representing estimated ongoing state tax revenue (income, capital gains, etc.) California loses each year when billionaires relocate.
Lost Tax Revenue: Calculated at 1.5% of net worth annually, representing estimated ongoing state tax revenue (income, capital gains, etc.) California loses each year when billionaires relocate.
Last updated:
Why should Californians be opposed?
Killing the Golden Goose
Startups are the golden goose of California. They turn into the mega businesses that fund our state. The proposed Billionaire Tax Act is coming right for the goose's throat.
This Bill Makes Startups Illegal
Incalculable is the number of businesses that will never be founded in California, or individuals and businesses moving out of the state because of this. This bill makes startups illegal. It will bankrupt any founder who has paper wealth in an early stage company but not actual liquid wealth.
The Damage is Already Done
The damage is already done. Billionaires have left and taken their tax revenue with them. This will have a chilling effect on California for decades to come. Even if this ballot initiative fails, who knows about next year or the year after that? The only way to remedy this now is for California to modify our constitution to prohibit asset seizure taxes explicitly.
The End of Private Property
This initiative actually gives CA legislators the right to take anyone's post-tax assets anytime in the future based on a majority vote. This isn't about billionaires. This is a new "tax system" that simply destroys private property rights in America.
Spend Smarter First
California already has the second highest taxes per capita in the country. Our budget has increased 62% since 2019. Let's use the budget we do have much more efficiently before we light more taxpayer dollars on fire. $24B in unaccounted-for homeless spending, $30B in unemployment fraud, $128B towards a high-speed rail to nowhere that will never get completed.
Better Alternatives Exist
This Asset Seizure Act is EXTREME. There are plenty of other options to raise tax revenue. Increase income tax, increase capital gains tax, taxing loans against unrealized capital gains, eliminate tax-free rollover of certain appreciated assets, or create a step up in basis on inheritance.