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Larry Page loosens business ties to CA amid state’s proposed wealth tax, report
Larry Page, co-founder of Google, is shifting business assets from California to Delaware as a response to a proposed 5% wealth tax on billionaires. This move follows discussions about adding the tax to the 2026 ballot, prompting Page's decision to leave the state. Other notable figures like David Sacks are also opposing the initiative.
Key points
- Larry Page is moving business assets to Delaware to avoid California's proposed billionaire wealth tax.
- The proposed tax is a 5% levy on assets over $1 billion, which could affect Page and other billionaires.
- Page has begun reincorporating businesses such as his family office, Koop, and other ventures like Flu Lab and One Aero.
- Page reportedly no longer resides in California, having expressed intentions to leave the state amid tax concerns.
- Other prominent individuals are also opposing the proposed tax initiative.
Why it matters
- The proposed wealth tax reflects a broader trend of increasing taxation on high-net-worth individuals in various states.
- This situation ties into debates about wealth distribution and taxation that have gained traction since the pandemic.
- By 2025, states may see further shifts in corporate strategies, with businesses relocating to more tax-friendly environments.
Larry Page's decision to relocate his business assets illustrates the ongoing tension between billionaire interests and state tax policies, which could reshape the landscape for high-net-worth individuals and their businesses by 2025.