Larry Page tax move to Miami clouds California billionaire levy

Highlights

Larry Page shifted residency to Miami before the Prop 40 cutoff, possibly avoiding nearly $15 billion in California wealth tax on his $292 billion fortune.
In December, Page's entities including Koop, Flu Lab LLC, One Aero, and Oceankind were re-incorporated in Delaware, and he spent $173.4 million acquiring two Miami estates.
High-profile billionaire departures, including Page, Brin, Thiel, and Kalanick, could reduce Prop 40’s tax base by about $29 billion of the projected $100 billion.

Residency shift before Prop 40 cutoff

As reported by Fortune, Page began unwinding long-standing California connections after the wealth tax proposal advanced, potentially avoiding nearly $15 billion based on his current $292 billion fortune.

In late December, Koop, Page’s family office, was converted out of California and incorporated in Delaware, according to prior reporting by Fortune’s Sasha Rogelberg. Other entities linked to Page, including Flu Lab LLC, One Aero, and Oceankind, were also incorporated in Delaware that month after previously being based in California, based on an analysis of state filings.

Page also spent heavily on South Florida real estate. The Wall Street Journal reported earlier this year, citing people familiar with the matter, that he bought two Miami estates for a combined $173.4 million. One property in Coconut Grove cost $101.5 million, while Miami-Dade property records show he also purchased a nearby home for $71.9 million.

Broader pressure on California tax plans

Page is not alone among tech billionaires moving toward Miami as states pursue higher taxes on the wealthy. Jeff Bezos left Seattle for Miami in late 2023, and former Starbucks CEO Howard Schultz also moved there as Washington lawmakers advanced a millionaires tax. Google cofounder Sergey Brin and investor Peter Thiel likewise left California for Miami ahead of the Prop 40 residency cutoff.

Florida’s tax structure remains a key draw because the state has no income, capital gains, or wealth tax. Some brokers say wealthy residents are leaving California reluctantly, but are prioritizing tax exposure as new levies are proposed.

The departures are already reducing the potential revenue base for Prop 40. Fortune estimated that Page, Brin, Thiel, and former Uber CEO Travis Kalanick alone would have owed about $29 billion, more than a quarter of the measure’s projected $100 billion haul.

Opponents have spent more than $187 million fighting the measure, versus about $32 million from supporters. Two countermeasures, Props 41 and 42, would void Prop 40 if either receives more votes, and the Jan. 1 residency date is also likely to face court challenges as California weighs time spent in the state and business ties when determining residency.

Our earlier article on Pakistan’s income tax return filing deadline pressures covered calls for the Federal Board of Revenue to extend Tax Year 2026 submissions amid complaints about IRIS portal glitches and procedural hurdles. It also outlined arguments from tax experts and business groups that a longer window is needed after the final return form notification, so taxpayers can comply without facing penalties due to system issues.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.