The tax escape map: Billionaires are bolting for Florida from the West Coast and taking some $29 billion in tax revenue with them

Billionaires are fleeing to Florida to avoid wealth taxes in states such as California and Washington, with an estimated $29 billion in tax revenue potentially leaving the region. Google co-founders Larry Page and Sergey Brin, as well as Meta CEO Mark Zuckerberg and Starbucks former CEO Howard Schultz, have purchased property in Florida.

This move has been fueled by the California Billionaire Tax Act, which, if passed, would impose a one-time tax of 5% on billionaires' total net worth who reside in the state after January 1, 2026. The tax, aimed at funding healthcare, education, and food assistance, could affect around 200 people and generate $100 billion. However, a recent poll shows that voters are divided on the proposal, with 48% supporting it and 41% opposing it.

Many wealthy individuals in California have publicly opposed the tax, including Brin, who donated an additional $20 million to a PAC promoting countermeasures. Despite doubts about the bill's success in collecting $100 billion, the potential loss of revenue due to billionaire departures from California and Washington State could total $29 billion.