Spielberg Moves from California to New York as Billionaire Wealth Tax Looms

Legendary filmmaker Steven Spielberg has relocated from California to Manhattan, joining a growing wave of the state’s wealthiest residents who are reportedly weighing moves out of the Golden State ahead of a contentious ballot measure targeting billionaires.

Spielberg’s spokeswoman Terry Press stated that the move was not related to the tax but had been “both long-planned and driven purely by his and [wife] Kate Capshaw’s desire to be closer to their New York-based children and grandchildren.” Press did not respond to questions about Spielberg’s views on the proposed tax.

The proposed 2026 Billionaire Tax Act, sponsored by the healthcare union Service Employees International Union-United Healthcare Workers West, would impose a one-time levy on California residents with assets exceeding $1 billion, taxing approximately 5% of their wealth.

Proponents claim the tax could yield up to $100 billion for state healthcare programs, while the remainder would fund administrative costs, education initiatives, and food assistance. A similar 1.5% billionaire tax failed in the Legislature last year, with Governor Gavin Newsom, a Democrat, opposing the measure. If the new proposal secures enough signatures to reach the state ballot by November 2026 and wins approval, it would apply retroactively to anyone who lived in California as of January 1, 2026.

Billionaires would have five years to pay the one-time tax. The only way to avoid the levy would be to leave California before December 31, 2025.

The debate intensifies as several tech leaders have been reported to explore homes outside California, including Google co-founders Sergey Brin and Larry Page in Miami and Meta founder Mark Zuckerberg in Florida. None have publicly stated that the proposed tax is driving their relocation decisions. Brin has funded a campaign against the wealth tax proposal. Venture capitalists Peter Thiel and David Sacks have also been cited in reports about wealthy residents considering departures from California, though neither has publicly linked the tax as the reason for any potential move.

Supporters argue the measure would generate tens of billions to address California’s healthcare shortfalls. Opponents, including Governor Newsom, warn that it could prompt a mass exodus of affluent residents and shrink the state’s tax base.

Senator Bernie Sanders, I-Vt., has campaigned for the proposal, holding a rally in Los Angeles on Wednesday. During the event, Sanders declared: “Starting right here in California, these billionaires are going to learn we are still living in a democratic society where the people have the power.”

Sanders also condemned the conduct of the ultra-wealthy with the statement: “Never before in American history have we seen the kind of greed, arrogance, and moral turpitude.”

California Republicans warn that the tax could lead to broader levies if top earners leave and state revenue declines. Representative Kevin Kiley, R-Calif., who introduced a congressional bill prohibiting retroactive taxes, stated: “But of course it starts with billionaires, and then they continue to lower the threshold, ensnaring more and more people.”