Billionaire Tax Opposition Heats Up as Wealthy Residents Leave California

Bernie Sanders' campaign to introduce a 5% billionaire wealth tax in California has encountered opposition from some of the state's wealthiest residents. One notable opponent is Sergey Brin, co-founder of Google, who claims that the proposed tax could drive wealthy entrepreneurs out of the state.

Brin has taken his opposition to a new level by relocating to Nevada and terminating or re-registering 15 California LLCs in the state. He has also donated $57 million to a group opposing new personal-property taxes, as well as backing Republican candidates. Other billionaires, including Larry Page, have reduced their ties to the state.

Economist Peter Schiff warned that the tax could trigger a 'mass exodus' of wealthy entrepreneurs, arguing that taxing unrealized assets could force billionaires to sell shares, incur capital gains taxes and leave California.