Few names are as tightly woven into the fabric of Hollywood as that of director Steven Spielberg.
From Jaws to E.T. and a vast catalog of cinematic hits, the 79-year-old filmmaker has not only cemented his status as a Hollywood legend but also amassed a considerable fortune along the way. According to Western Journal, that long-standing bond with California home to the entertainment industry he helped define is now being tested as the director joins a growing list of wealthy residents heading for the exits.
Spielberg has reportedly shifted his primary base to New York, specifically Manhattan, amid what has been described as a broader billionaire exodus from the Golden State, according to the New York Post. The outlet noted that his relocation is part of a wider trend of high-net-worth individuals and business leaders seeking more favorable environments outside California.
The Los Angeles Times reported that Meta founder Mark Zuckerberg is exploring a move to Florida, a state long favored by conservatives for its lower taxes and lighter regulatory touch. Billionaire Elon Musk has already begun systematically moving his companies out of California, underscoring the states increasingly hostile climate toward entrepreneurs and job creators.
Other prominent figures who have either left or signaled their departure include In-N-Out Burger heiress Lynsi Snyder, tech investor Peter Thiel, and White House adviser David Sacks, per the New York Post. Each departure represents not only a loss of individual wealth from Californias tax base but also a broader indictment of progressive policies that appear to punish success rather than encourage it.
The central question is why so many of these billionaires are abandoning a state famous for its sunshine and beaches. Many observers believe the timing is no coincidence, coming just ahead of a November ballot measure that could saddle Californias wealthiest residents with a controversial wealth tax.
If approved, the proposal would impose a one-time 5 percent tax on billionaires, applied retroactively to this year. State officials are already eyeing an anticipated $100 billion windfall, which they plan to funnel into healthcare initiatives and select education programs.
Even within the Democratic Party, the measure has exposed deep ideological rifts. The Los Angeles Times noted that the proposal has split Democrats, with the partys hard-left flank embracing it and more pragmatic figures warning of economic fallout.
Sen. Bernie Sanders formally an independent but functionally a Democrat is enthusiastically backing the tax and pushing aggressively for its passage. California Gov. Gavin Newsom, however, opposes the measure, openly worrying that it will accelerate the very billionaire exodus now making headlines and drain the state of the substantial tax revenues those residents already provide.
Spielberg, a committed Democrat and longtime donor to liberal causes, insists his move is unrelated to the looming tax hike. Stevens move to the East Coast is both long-planned and driven purely by his and Kate Capshaws desire to be closer to their New York based children and grandchildren, Spielberg representative Terry Press said.
Press declined to address any questions about Spielbergs views on the proposed wealth tax that is unnerving so many of his fellow billionaires. As California doubles down on high taxes and expansive government while successful residents quietly decamp to freer, lower-tax states, voters will soon decide whether to deepen that experiment and whether the loss of capital, jobs, and cultural icons like Spielberg is a price they are willing to pay.
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