Taxes are a complex and often contentious issue. This is because no one really likes taxes. If you’re poor, taxes just mean less money for you at the end of the day. If you’re rich, well, obviously no one likes parting with their money, so even the fabulously wealthy aren’t thrilled about them either. So, what do these ultra-rich do? In the case of Google co-founder Larry Page, he has officially moved his business outside of California to escape the billionaire’s tax.
Google co-founder moves out of California to escape billionaire’s tax
For those unfamiliar, there’s a new tax act coming in November 2026 in the state of California. It is called “The 2026 Billionaire Tax Act.” This act proposes a one-time 5% levy on those with a net worth over $1 billion. This is a one-time thing, unlike regular taxes that have to be paid annually. 5% might not seem like a particularly huge figure, but 5% of $1 billion is essentially $50 million. That’s a lot of money going towards taxes .
Now, in order to avoid potentially getting caught in this billionaire’s tax, Google co-founder Page decided to cut ties with California. According to reports, Page moved his family office, Koop, out of California in December. It was later incorporated in Delaware. He also moved his other businesses, like Flu Lab LLC and One Aero, to other states. This includes Delaware, Florida, Nevada, and Texas.
That being said, it is unclear if Page’s move is temporary or permanent. The 2026 Billionaire Tax Act is expected to be voted on this November. However, there is a chance it might fail, which means that Page could be waiting it out until then.
Exodus of the rich
Proponents of the act estimate the money raised by it to be around $100 billion over the next five years . This money will be used in anticipation of federal budget cuts. Especially in areas like healthcare, education, and food assistance programs.
However, going after the wallets of the wealthy is a good way to get them to run for cover. According to venture capitalist Vinod Khosla, it could result in the exodus of the many rich individuals living or doing business in the state. Khosla believes that this act would result in California’s loss of its most important taxpayers and would end up in a much worse situation than right now.
