In this 11 February 2025 published video, host Dave Rubin shares a DM clip of Meta’s Mark Zuckerberg moving his family and his tax dollars to Miami, Florida, to escape California’s billionaire tax proposal.
Recent reports highlight a growing “billionaire exodus” from California, primarily driven by a proposed Billionaire Tax Act. This potential ballot measure would impose a one-time 5 percent tax on the total assets of residents with a net worth exceeding $1 billion. The urgency stems from a provision in the proposed law that would make the 5 percent tax retroactive to anyone who was a California resident as of January 1, 2026. For a billionaire like Larry Page (worth ~$270B), this tax could represent a one-time hit of roughly $13 billion.
California is experiencing massive financial shifts, with reports indicating the state has already lost an estimated $1 trillion in wealth in just one month (January 2026) due to capital flight and billionaire relocations, driven by this proposed wealth tax. Previously, the state faced a $68 billion budget deficit for 2024–2025 and lost over $100 billion in adjusted gross income from migration between 2020–2022. These figures reflect a combination of taxpayer outmigration to states like Texas and Florida, and a significant drop in taxable wealth among top earners.
