Steven Spielberg, long known for his liberal views, relocated from California to New York, citing a desire to be closer to his children and grandchildren. The move comes as California voters consider the 2026 Billionaire Tax Act, a proposed one-time 5% levy on residents with assets over $1 billion. Supporters say it could generate $100 billion in revenue for public programs, primarily healthcare.

The tax would apply retroactively to residents as of Jan. 1, 2026, with five years to pay, and could be avoided only by leaving the state before Dec. 31, 2025. A similar 1.5% measure failed in the Legislature last year, despite backing from Democrats, including Gov. Gavin Newsom. Sen. Bernie Sanders has publicly supported the proposal, calling on billionaires to be held accountable.

Other tech leaders and entrepreneurs are reportedly considering moves out of California, including Google co-founders Sergey Brin and Larry Page, in Florida, and Meta founder Mark Zuckerberg. Opponents warn that such taxes could shrink the state’s tax base, pushing out wealthy residents and ultimately reducing revenue.

Republican lawmakers, including Rep. Kevin Kiley, R-Calif., have cautioned that targeting billionaires could pave the way for broader wealth levies. “So, they are saying it's just for billionaires,” Kiley said. “But of course it starts with billionaires, and then they continue to lower the threshold, ensnaring more and more people.”