A proposed wealth tax in California spurred some of the state's wealthiest residents, including Google co-founder Larry Page, to consider relocating, according to a report in The Wall Street Journal. The potential tax, a one-time 5% levy on wealth, prompted concerns among approximately 250 billionaires who could be affected.

Page, who stepped away from day-to-day operations at Google and Alphabet in 2019, reportedly purchased two homes in Miami for over $170 million. His net worth has increased significantly since leaving his executive role, rising from around $50 billion to approximately $260 billion. The Wall Street Journal also indicated that Sergey Brin, Page's co-founder, might also be considering a move to Florida.

The proposed wealth tax aimed to address income inequality and generate revenue for state programs. However, critics argued that such a tax could incentivize wealthy individuals and companies to leave California, potentially harming the state's economy in the long run. The concept of wealth taxes has been debated extensively, with proponents arguing for their potential to reduce wealth concentration and fund public services, while opponents raise concerns about their practicality and potential economic consequences.

The potential exodus of billionaires from California raises questions about the state's tax policies and their impact on its wealthiest residents. It remains uncertain how many billionaires have actually left the state or plan to do so. The proposed ballot initiative, if passed, would have been applied retroactively, adding urgency to the decision-making process for those affected. The situation highlights the ongoing debate about wealth distribution and taxation, and the challenges of implementing policies that balance revenue generation with economic competitiveness. The status of the proposed ballot initiative is currently unknown.