The California billionaire tax would apply to about 200 California billionaires who reside in the state as of Jan. 1. Palantir co-founder Peter ThielThiel Capital, based in Los Angeles, announced in December it opened an office in Miami. “Stupid wealth tax proposals like this make it irresponsible for me not to plan leaving the state,” he said. However, Sen. Bernie Sanders, I-Vermont, and Rep. Ro Khanna, D-California, have backed the wealth tax proposal, and Californians have passed temporary tax measures before. (Genaro Molina/Los Angeles Times/TNS)______©2026 Los Angeles Times.

Source: Los Angeles Times January 20, 2026 16:49 UTC