Legendary filmmaker Steven Spielberg is the latest billionaire to leave California, moving to Manhattan as the Golden State grapples with a controversial proposal to impose a wealth tax on the ultra-rich.
“Steven Spielberg, phone home!”
The famed E.T. director has quietly relocated to New York City amid a growing exodus of billionaires from California — a trend unfolding as voters consider the proposed 2026 Billionaire Tax Act.
However, the move reportedly has nothing to do with the looming tax hike.
“Steven’s move to the East Coast is both long-planned and driven purely by his and Kate Capshaw’s desire to be closer to their New York-based children and grandchildren,” spokeswoman Terry Press said.
Press declined to comment on Spielberg’s views on the tax proposal, which would impose a one-time 5% tax on individual fortunes exceeding $1 billion. If approved by voters this November, the tax would apply retroactively to the start of the year.
Supporters claim the measure could generate tens of billions of dollars to help address California’s health care shortfalls. Opponents warn it will accelerate the flight of wealthy residents — a concern even shared by Democratic Gov. Gavin Newsom.
Google co-founder Sergey Brin is among those fighting the proposal. He is bankrolling a campaign to rally public opposition through his group Building a Better California, which has already raised $35 million.
Brin, along with other tech billionaires, is also reportedly preparing an exit from California by shopping for a home in Miami. His fellow Google co-founder Larry Page is said to be doing the same.
Mark Zuckerberg, founder of Facebook and another longtime California resident, is likewise reported to be seeking property in Florida.
Spielberg’s political views contrast with those of some tech titans. He is a staunch Democrat and one of the party’s most prominent donors and fundraisers.
Other left-wing figures have vocally endorsed the wealth tax, including socialist Sen. Bernie Sanders, who held a rally in Los Angeles to promote the measure.
“Starting right here in California, these billionaires are going to learn we are still living in a democratic society where the people have the power,” Sanders told the crowd.
“Never before in American history have we seen the kind of greed, arrogance and moral turpitude.”
California Republicans argue the billionaire tax would eventually pave the way for new levies on middle-class and working Americans once wealthy residents flee and the tax base shrinks.
“So, they are saying it’s just for billionaires,” said Rep. Kevin Kiley, who has introduced legislation to ban retroactive taxes.
“But of course it starts with billionaires and then they continue to lower the threshold, ensnaring more and more people.”
