Google co-founders Sergey Brin and Larry Page are reportedly moving business assets out of California. This action coincides with the state's proposal of a new 'Billionaire Tax Act'.
The proposed legislation would impose a one-time 5% tax on individuals whose net worth exceeds $1 billion. The Act would apply even if individuals relocate from the state after January 1, 2026.
In response, Brin has moved or dissolved approximately 15 companies. Page has made more than 45 of his companies inactive or moved them to other locations. These moves are viewed as a reaction by the ultra-wealthy to potential state tax changes.