Google co-founders Sergey Brin and Larry Page appear to be reducing their presence in California, potentially signaling a shift in the tech landscape and raising questions about the state's tax policies.
In December, Brin terminated or converted 15 limited liability companies (LLCs) overseeing his investments and interests into Nevada entities, according to The New York Times. These LLCs managed assets such as one of his superyachts and his interest in a private terminal at the San Jose International Airport. Similarly, 45 LLCs associated with Page have recently become inactive or moved out of state. Further fueling speculation, a trust associated with Page purchased a $71.9 million mansion in Miami this week.
These moves come amid a prospective ballot measure in California that would impose a one-time, 5% tax on individuals with a net worth exceeding $1 billion. If passed in November, the tax would be applied retroactively to anyone residing in the state as of January 1 of this year. While both Brin and Page still own homes in California, the restructuring of their assets suggests a potential effort to mitigate the impact of the proposed tax.
The departure, or partial departure, of such high-profile figures could have broader implications for California's economy. Billionaires contribute significantly to the state's tax base, and their relocation could impact state revenue. Furthermore, it could signal a growing dissatisfaction among the ultra-wealthy with California's tax environment, potentially leading other high-net-worth individuals and companies to reconsider their presence in the state.
Google, now a subsidiary of Alphabet Inc., was founded in California in 1998 and has since become one of the world's most valuable companies. Its search engine dominates the market, and its Android operating system powers a vast majority of smartphones globally. The company's innovations have shaped the internet and transformed various industries.
Looking ahead, the outcome of the proposed tax measure will likely influence the decisions of other wealthy individuals and companies in California. If the measure passes, it could accelerate the trend of high-net-worth individuals relocating to states with more favorable tax policies. This could lead to a decline in state revenue and potentially impact California's ability to fund public services and infrastructure projects. Conversely, if the measure fails, it could reassure wealthy individuals and companies that California remains a competitive location for investment and innovation.
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