Larry Page Leaves California Before Vote on Proposed Billionaire Tax

Ahead of a Californian vote on Proposition 40, which would impose a one-time tax on billionaires, Google co-founder Larry Page has moved his business interests out of the state. The proposal could raise an estimated $100 billion. However, the departure of wealthy residents, who together would owe roughly $29 billion, threatens the revenue the state expects from the measure. The report frames these relocations as a way of avoiding the tax burden. The situation highlights concerns about whether the initiative can deliver its projected income.