News Brief: California’s Proposed Billionaire Wealth Tax
Summary
A proposed California ballot measure, the Billionaire Tax Act, aims to impose a one-time 5% tax on the total wealth of state residents worth $1 billion or more. Its controversial retroactive effective date of January 1, 2026, is designed to prevent billionaires from fleeing before a potential November vote, but is expected to face significant legal challenges.
Key Points
- Retroactive & Aggressive Timeline: The tax would apply to anyone a California resident as of Jan. 1, 2026, leaving little time for the state’s 200-250 billionaires to establish residency elsewhere after learning of the plan in December 2025.
- Designed to Prevent Flight: Proponents say the early date prevents billionaires from “avoid[ing] responsibility by moving their assets or claiming residency elsewhere.” The goal is to raise an estimated $100 billion for healthcare and other programs.
- Legal Challenges Expected: Tax attorneys argue the retroactive application of a “wholly new tax” is a likely violation of due process and will be challenged in court, especially by those who leave California before the November vote.
- Mixed Billionaire Reactions: While some, like Nvidia’s Jensen Huang, say they are “perfectly fine” with the tax, others like Peter Thiel have already established significant presence in low-tax states like Florida.
- Complex Residency Rules: California uses a “closest connection test,” examining family, social, asset, and work ties. Proving a change of “indefinite, permanent” intent to leave takes months, making a quick escape difficult but not impossible for the ultra-wealthy.
- Uncertain Future: The measure must first be approved for the November ballot and then by voters. Governor Gavin Newsom is coordinating opposition, and its passage is not guaranteed.
新闻简报：加州拟议的亿万富翁财富税
摘要
加州一项拟议的投票措施——“亿万富翁税法案”——旨在对该州净资产超过10亿美元的居民征收一次性的5%总财富税。其具有争议的追溯生效日期（2026年1月1日）旨在防止亿万富翁在11月投票前逃离，但预计将面临重大的法律挑战。
关键要点
- 追溯性与激进时间表：该税将适用于任何在2026年1月1日时是加州居民的人。这意味着该州约200-250名亿万富翁在2025年12月得知该计划后，几乎没有时间在其他地方建立税务居住地。
- 旨在防止财富外逃：支持者表示，提前生效日期是为了防止亿万富翁“通过转移资产或声称在其他地方居住来逃避责任”。目标是筹集约1000亿美元用于医疗保健等项目。
- 预计面临法律挑战：税务律师认为，对一项“全新税种”进行追溯适用很可能违反正当程序，将在法庭上受到挑战，尤其是那些在11月投票前离开加州的人。
- 亿万富翁反应不一：英伟达首席执行官黄仁勋表示对此税“完全没问题”，而像彼得·蒂尔这样的亿万富翁则已在佛罗里达等低税州建立了重要据点。
- 复杂的居住地规则：加州采用“最密切联系测试”，审查家庭、社会、资产和工作联系。证明“无限期、永久”离开的意图需要数月时间，这使得超级富豪快速逃离变得困难，但并非不可能。
- 未来不确定：该措施首先需要获得进入11月投票的资格，然后需由选民批准。州长加文·纽森正在协调反对力量，其通过并非定局。
Original Article Link: https://www.cnbc.com/2026/01/08/california-wealth-tax-proposal-leaves-billionaires-with-little-way-out.html