Google co-founder Larry Page has purchased $171 million worth of luxury properties in Miami as California advances a proposed wealth tax targeting billionaires.
The one-time 5% tax, backed by labor groups and prominent lawmakers, would apply to residents with net worths above $1 billion and could raise an estimated $100 billion for public programmes.
While real estate would be exempt, the proposal has sparked concern among business leaders, some of whom warn it would force founders to sell company stakes.
Page’s Florida acquisitions highlight a growing trend of wealthy Californians relocating or shifting assets ahead of a potential 2026 ballot vote.
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Google co-founder Larry Page has purchased $171 million worth of luxury properties in Miami as California advances a proposed wealth tax targeting billionaires.
The one-time 5% tax, backed by labor groups and prominent lawmakers, would apply to residents with net worths above $1 billion and could raise an estimated $100 billion for public programmes.
While real estate would be exempt, the proposal has sparked concern among business leaders, some of whom warn it would force founders to sell company stakes.
Page’s Florida acquisitions highlight a growing trend of wealthy Californians relocating or shifting assets ahead of a potential 2026 ballot vote.