California chases mobile wealth
The gist
California certified a 5 percent one-time billionaires tax for the November ballot.
The measure's fate rests on two competing initiatives that could void it.
How it unfolded
- 1978Proposition 13 capped property taxes and froze assessed values until a property sells.
- Jan 1, 2026The tax would only apply to billionaires living in California as of Jan. 1, 2026.
- early 2026Mark Zuckerberg, worth about $220 billion, moved his tax residency out of state and will almost certainly fight the retroactive reach in court.