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Reporting

Spielberg Heads East as California Billionaire Tax Debate Heats Up

Steven Spielberg has traded the West Coast for Manhattan, joining a wave of ultra-wealthy figures reconsidering their ties to California as voters weigh a proposed tax on billionaires. According to the New York Post …

Andrew Powell·Feb 20, 2026·2 min read

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Steven Spielberg has traded the West Coast for Manhattan, joining a wave of ultra-wealthy figures reconsidering their ties to California as voters weigh a proposed tax on billionaires.

According to the New York Post, the Oscar-winning director’s relocation was first reported by the Los Angeles Times.

A spokesperson said the move had been in the works and was not connected to the 2026 Billionaire tax Act.

“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 regarding the ballot measure, which would impose a one-time 5% levy on fortunes exceeding $1 billion. The tax would apply retroactively to the start of the year if voters approve it in November.

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Spielberg Heads East as California Billionaire Tax Debate Heats Up — IJR

Supporters say the proposal could generate tens of billions of dollars to address California’s health care funding gaps. Critics, including Gov. Gavin Newsom, warn it could accelerate the departure of wealthy residents and shrink the state’s tax base.

Google co-founder Sergey Brin has emerged as a leading opponent. His group, Building a Better California, has raised $35 million to campaign against the measure.

Brin is reportedly searching for property in Miami, a move echoed by fellow Google co-founder Larry Page. Meta founder Mark Zuckerberg is also said to be looking at homes in Florida.

Spielberg, a prominent Democratic donor, has not publicly weighed in on the tax fight.

Meanwhile, some progressive leaders are rallying behind the proposal.

“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,” Sen. Bernie Sanders told a crowd in Los Angeles.

“Never before in American history have we seen the kind of greed, arrogance and moral turpitude.”

Republicans argue the measure could eventually expand beyond the ultra-wealthy.

“So, they are saying it’s just for billionaires,” Rep. Kevin Kiley said. “But of course it starts with billionaires and then they continue to lower the threshold, ensnaring more and more people.”

As the debate intensifies, California faces the prospect of both a high-stakes ballot fight and a continued migration of some of its richest residents.