Billionaires Spielberg and Zuckerberg considering leaving California over wealth tax
California residents argue state would prosper without ultra-rich residents
Critics point out billionaires exploit tax loopholes while benefiting from government services
Suggestion that billionaires voluntarily contribute instead of relocating
📖 Full Retelling
California residents and taxpayers responded to reports that billionaires Steven Spielberg and Mark Zuckerberg are considering leaving the state due to a proposed wealth tax by writing letters to the L.A. Times on February 22, 2026, arguing that California would prosper even without the ultra-rich who currently exploit tax loopholes. The letters came after reports suggested the entertainment moguls were eyeing moves to the East Coast amid concerns over California's potential wealth tax proposal, with readers questioning the actual value billionaires contribute to society. Sol Taylor from Riverside wrote that California's infrastructure remains in disrepair despite the presence of wealthy residents, suggesting 'Will we even notice they're gone?' while criticizing modern billionaires for avoiding their fair share of taxes that once built America's systems and programs. Robert Matthews from San Clemente echoed this sentiment, stating that irrespective of whether the wealth tax becomes law, California's future remains bright without the potential departures of wealthy elites like Spielberg and Zuckerberg. Another letter from Michael Schaller in Temple City proposed a simpler solution: billionaires could voluntarily donate 5% of their wealth to the California Treasury to silence criticism about their potential departure.
🏷️ Themes
Wealth inequality, Tax policy, Social responsibility
Mark Elliot Zuckerberg (; born May 14, 1984) is an American businessman and programmer who co-founded the social media service Facebook and its parent company Meta Platforms. He serves as its chairman, chief executive officer (CEO), and controlling shareholder.
Zuckerberg briefly attended Harvard Co...
Steven Allan Spielberg (; born December 18, 1946) is an American filmmaker. A major figure of the New Hollywood era and pioneer of the modern blockbuster, Spielberg is widely regarded as one of the greatest and most influential filmmakers in the history of cinema and is the highest-grossing film dir...
California () is a state in the Western United States that lies on the Pacific Coast. It borders Oregon to the north, Nevada and Arizona to the east, and shares an international border with the Mexican state of Baja California to the south. With almost 40 million residents across an area of 163,696 ...
This debate highlights the growing tension over wealth inequality and tax policy in California, a state with significant economic influence. The discussion reflects broader national concerns about tax fairness and the social responsibility of the ultra-wealthy. The outcome could influence future tax legislation and the migration patterns of high-net-worth individuals.
Context & Background
California is considering a proposed wealth tax targeting the state's billionaires
Prominent figures like Mark Zuckerberg and Steven Spielberg are reportedly considering leaving the state in response
The letters represent a public opinion arguing that billionaire departures would not harm California
What Happens Next
The California legislature will likely continue debating the proposed wealth tax, with its passage or failure determining the next steps. Public discourse on tax fairness and the economic impact of billionaire migration will continue to evolve. The actual decisions of individuals like Zuckerberg and Spielberg will be closely watched.
Frequently Asked Questions
What is the proposed wealth tax in California?
It is a tax proposal targeting the net worth of the state's wealthiest residents, though the specific details are not provided in the article.
Why are some billionaires threatening to leave California?
They are reportedly considering leaving due to the proposed wealth tax, which would increase their tax burden.
What is the argument made by the letter writers?
They argue that billionaires contribute little through taxes due to loopholes and that the state would prosper without them.
Original Source
Feb. 22, 2026 7 AM PT 2 min Click here to listen to this article Share via Close extra sharing options Email Facebook X LinkedIn Threads Reddit WhatsApp Copy Link URL Copied! Print 0:00 0:00 1x This is read by an automated voice. Please report any issues or inconsistencies here . p]:text-cms-story-body-color-text clearfix mb-10 md:max-w-170 md:mx-auto" data-subscriber-content> To the editor : The billionaires’ “threat” to leave seems more like a toddler throwing a tantrum because they don’t want to share their toys ( “Billionaires Spielberg, Zuckerberg eyeing East Coast, stirring concerns about California’s wealth-tax proposal,” Feb. 19). Fine by me if billionaires want to leave California. It’s not like they have any positive impact on our society. Billionaires today pay so little in taxes thanks to all the loopholes they exploit. The ultra-rich used to be treated ethically; decades ago , they paid their fair share in taxes that helped establish some of the systems and programs that made America the superpower we were. Today’s elite want to shirk paying nearly anything in taxes but indirectly benefit from billions in welfare paid for by us, the actual taxpayers. Just look at how many people who work for Amazon have to be on government aid while their boss uses their hard-earned money to garner favor with our government. Advertisement Our roads are crumbling even with the billionaires residing in our state. Will we even notice they’re gone? Sol Taylor, Riverside .. To the editor : Irrespective of whether the proposed wealth tax becomes law, the state of California and its people will survive and prosper. The potential departures of Mark Zuckerberg, Steven Spielberg and others of their ilk will not dampen the long-term future of California. Robert Matthews, San Clemente .. To the editor : Spielberg and Zuckerberg don’t have to worry about people thinking they left the state to avoid the wealth tax. All they have to do is voluntarily give 5% of their billions to the C...
