California could miss nearly $15 billion after Larry Page’s move: According to reports

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Larry Page’s move raises a $15 billion question
Imagine moving across the country and potentially avoiding a tax bill worth billions. Google cofounder Larry Page has reportedly moved away from California and purchased luxury properties in Miami as the state prepares to vote on a proposed billionaire wealth tax. Fortune estimates that Page could have faced a roughly $14.6 billion tax bill under a simplified calculation if he had remained a qualifying California resident and Proposition 40 became law. His reported departure raises questions about how much revenue the state ultimately could collect. demerzel21/Depositphotos
Proposition 40 puts billions at stake
California’s Proposition 40 would impose a one-time tax of up to 5% on qualifying wealth held by individuals and certain trusts with assets exceeding $1 billion. The measure targets people who were California residents on January 1, 2026, even though voters won’t decide its future until November. For Larry Page, whose reported net worth approaches $292 billion, that percentage produces a striking estimate. Any actual tax bill would depend on whether Page qualified as a California resident on the cutoff date, which assets were taxable, and whether the measure survived potential legal challenges. JHVEPhoto/Depositphotos
Google cofounder changes his business ties
Larry Page’s financial moves extend beyond purchasing expensive homes. His family office, Koop, reportedly shifted its legal registration from California to Delaware in December 2025, alongside other organizations connected to him. The registration changes occurred shortly before Proposition 40’s January 1, 2026, residency date, drawing attention to Page’s business arrangements. Moving a company’s registration does not automatically establish personal residency, but the timing highlights how wealthy individuals may reorganize their affairs. Depositphotos
Two Miami estates attract attention
Page attracted attention in Miami’s luxury real estate market with two purchases totaling more than $173 million. Reports say he purchased two neighboring estates in Coconut Grove for a combined $173.4 million, including one waterfront property priced at $101.5 million. The second estate reportedly cost $71.9 million. Both purchases placed him among buyers of Miami’s most expensive homes. These properties provide a glimpse into the real estate options available to billionaires relocating across states. Depositphotos
Florida offers a different tax picture
Florida has a financial advantage that attracts wealthy residents: it does not charge an individual state income tax. California, meanwhile, taxes high incomes and is considering an additional one-time levy on billionaire wealth. For someone whose fortune includes large stock holdings, those differences can influence financial planning. Still, the potential savings depend on individual circumstances, and living in Florida does not eliminate all possible tax obligations. Fun fact: Florida voters approved a constitutional amendment prohibiting state taxes on personal income and inheritances. Depositphotos
Why the deadline matters so much
January 1, 2026, is a key date in California’s proposed billionaire tax.

Under Proposition 40, qualifying residents on that day could face a one-time wealth assessment if the measure passes. That makes the timing of any move especially important. Someone leaving afterward might still fall under the proposal. Buying a home in another state does not automatically establish a change in residency. California tax authorities also consider where a person maintains significant personal, financial, and business connections. Fun fact: California considers several factors when determining residency, including where someone maintains their closest personal and financial connections. Depositphotos
The tax calculation carries uncertainties
The nearly $15 billion figure sounds enormous, but it is an estimate rather than a confirmed tax bill. Billionaire fortunes change as stock prices rise and fall, sometimes dramatically within a single trading day. Proposition 40 generally excludes real estate and certain retirement assets while including qualifying business interests, securities, and other forms of wealth. Even with voter approval, Page’s potential liability would depend on the details and on whether California could establish that he qualified. Jean_Nelson/Depositphotos
Other tech fortunes enter the debate
Larry Page is not the only Silicon Valley billionaire linked to moves away from California. Fortune has reported that Google cofounder Sergey Brin and investor Peter Thiel established ties outside California before the proposal’s January residency cutoff. Former Uber CEO Travis Kalanick joins the discussion surrounding wealthy departures. Fortune calculated that Page, Brin, Thiel, and Kalanick could have faced roughly $29 billion in combined wealth taxes under a simplified estimate if they had qualified as California residents. Image Press Agency/Depositphotos
Jeff Bezos made his move earlier
Amazon founder Jeff Bezos offers another example of a billionaire relocating to Miami. He announced his departure from Seattle in 2023, citing family connections and plans to spend more time near his parents. Bezos announced his move in 2023, after Washington had already introduced a state capital gains tax, although he publicly emphasized family ties and Blue Origin’s Florida operations. Bezos later purchased expensive properties in Miami, reflecting the city’s growing appeal among wealthy Americans. His stated reasons were primarily personal. igorgolovniov/Depositphotos
What California hopes to collect
Supporters of Proposition 40 have discussed raising around $100 billion from a one-time billionaire tax. Under the proposal, 90% of the revenue would support health care, while the remaining 10% would fund food assistance or education-related programs. However, that headline estimate is not guaranteed revenue. California’s Legislative Analyst’s Office estimates that the one-time tax would raise tens of billions of dollars over several years.

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Departures, valuations, and legal disputes could all affect the final amount. Image Press Agency/Depositphotos
Another billionaire takes a different view
Not every wealthy technology executive opposes California’s proposed levy. Nvidia CEO Jensen Huang has publicly expressed willingness to pay higher taxes if the measure becomes law. That position contrasts with concerns raised by other business leaders about large one-time wealth assessments. The disagreement shows how differently billionaires view the proposal. Supporters argue that the tax could fund essential services, while opponents warn that it could encourage wealthy residents and businesses to leave California. Depositphotos
Rival propositions add another twist
California voters face more than one tax question this November. Propositions 41 and 42 contain provisions that could conflict with Proposition 40, potentially preventing the billionaire tax from taking effect even if voters approve it. Both measures address state taxation from different angles. If competing measures receive majority support, the number of votes each receives and the outcome of any legal challenges could determine which provisions take effect. That creates another layer of uncertainty for taxpayers, state officials, and California’s budget planners. For another California tax update tied to healthcare costs, legal challenges, and state policy, see why doctors and insurers are warning that a new tax could raise bills. Depositphotos
The outcome remains uncertain
Larry Page’s reported move has become part of a much larger conversation about taxes, wealth, and where billionaires choose to live. Page’s reported relocation could affect the state’s potential tax collections, but neither his individual liability nor California’s eventual revenue under the proposed measure has been established. Voters will decide Proposition 40 on November 3, 2026. The results, competing measures, and possible legal challenges will help determine whether California can collect the money supporters expect. For another California tax update tied to healthcare costs, legal challenges, and state revenue, see why doctors and insurers are challenging a tax increase as illegal. Should California rethink its tax policies when wealthy residents can relocate and potentially take billions in tax revenue with them? Share your thoughts and drop a comment. This slideshow was made with AI assistance and human editing. Read More From This Brand:

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The post California could miss nearly $15 billion after Larry Page’s move appeared first on When In Your State.