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CoopersDad

(3,328 posts) Tue Dec 30, 2025, 11:27 AM Dec 2025

Gavin Newsom warned that billionaires will 'permanently relocate' if California wealth tax passes [View all]

Read the letter celebrity lawyer Alex Spiro wrote to Gavin Newsom, warning that his clients will 'permanently relocate' if California wealth tax passes

Jack Newsham,Madeline Berg

A proposed billionaire tax in California has the wealthy threatening to flee, according to a letter written by power lawyer Alex Spiro to Gov. Gavin Newsom.

In a December 11 letter that was obtained by Business Insider, Spiro lays out his opposition to the proposed tax on behalf of his clients, whom he calls "California residents who would be subject to the proposed Billionaire Tax Act."

"It will trigger an exodus of capital and innovation from California," Spiro wrote. "Our clients have made clear they will permanently relocate if subjected to this tax."

The measure proposes that California residents with assets exceeding $1 billion be subject to a one-time 5% tax on the value of their assets. If the proposal receives enough signatures, it will appear on the state ballot in November 2026. If passed, it would apply retroactively to all California residents as of January 1, 2026.

Among Sprio' clients are the Kardashians, Jay-Z, and Elon Musk

https://currently.att.yahoo.com/att/read-letter-celebrity-lawyer-alex-204649466.html

92 replies

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Highlight:

Gavin Newsom warned that billionaires will 'permanently relocate' if California wealth tax passes [View all] CoopersDad Dec 2025 OP

Don't let the door slap you on the ass on your way out, parasites. Ocelot II Dec 2025 #1

You beat me to it SheltieLover Dec 2025 #27

Parasites is EXACTLY what they are. USS_Dauntless Dec 31 #87

I guess that will open housing for people who pay taxes. NT Gore1FL Dec 2025 #2

Newsom's response should be: CousinIT Dec 2025 #3

Newsom dweller Dec 2025 #8

Ugh karin_sj Dec 2025 #23

Ugh. CousinIT Dec 2025 #26

Better get the nose clips ready. BannonsLiver Dec 2025 #30

Most of those people Boo1 Dec 2025 #50

They would have to move in the next day to avoid the retroactive tax? newdeal2 Dec 2025 #4

The BILLIONAIRE Class have become the WHINER class. ProudMNDemocrat Dec 2025 #5

It is called greed Stargazer99 Dec 2025 #6

They are as addicted to money as any heroin addict is addicted to heroin. travelingthrulife Dec 31 #76

I think they should whine louder and more publicly EYESORE 9001 Dec 2025 #20

They always have been Johonny Dec 2025 #22

Is it 1 or 5%? Either way, they can afford it, just curious which is correct? Jmb 4 Harris-Walz Dec 31 #71

Make it a National Law, save SS Law. multigraincracker Dec 2025 #7

Yes! SheltieLover Dec 2025 #28

"So, what's the bad news?" nt Buns_of_Fire Dec 2025 #9

Good Riddance! NT Daigan Dec 2025 #10

I honestly think a majority would gladly have the Kardashians (and of course, Musk) depart California... hlthe2b Dec 2025 #11

Contribute to the common good or goodbye. C_U_L8R Dec 2025 #12

Money hoarders UpInArms Dec 2025 #13

"Sometimes the coppice needs to be cleared lest it becomes a hedgerow." Hugin Dec 2025 #14

Hey MAGA, it's not the immigrants who are ruining America! It's the billionaires! Initech Dec 2025 #15

Bye.. .... Lovie777 Dec 2025 #16

The state of California's economists have projected that this tax would result in a net loss of revenue Jose Garcia Dec 2025 #17

Link? nt drmeow Dec 2025 #32

New York Times: Jose Garcia Dec 2025 #34

I keep hearing that they don't pay any taxes anyway MichMan Dec 2025 #43

These entitled assholes... GiqueCee Dec 2025 #58

Typically a billionaire will be shielded from direct income tax PCB66 Dec 31 #74

Point taken... GiqueCee Dec 31 #91

Feels like a poison pill measure designed to get GOP Johonny Dec 2025 #18

It could probably get renewed every 5 years MichMan Dec 2025 #38

They are his peeps though Blue Full Moon Dec 2025 #19

Good riddance, assholes! karin_sj Dec 2025 #21

California will be better without them. spanone Dec 2025 #24

Are you sure about that? pcdb Dec 2025 #48

They don't pay DiverDave Dec 2025 #61

They won't leave. intheflow Dec 2025 #25

As long as they take Zuckerberg with them Retrograde Dec 2025 #29

Wealth Taxes should be at the Federal level not State level walkingman Dec 2025 #31

Totally agree with you, however, our inept president would never allow it. Jmb 4 Harris-Walz Dec 31 #73

I believe there would need to be a constitutional amendment MichMan Dec 31 #81

As far as a "direct tax" but couldn't you raise the tax rate based on income? walkingman Dec 31 #88

Sure, but that isn't a wealth tax, like people are advocating for here. MichMan Dec 31 #89

I see, I agree to claw back wealth would never work. They would just go offshore walkingman Dec 31 #90

Spiro is a F'ing con man. haele Dec 2025 #33

Spiro is a scumbag Hassin Bin Sober Dec 2025 #46

Silly billionaires. hunter Dec 2025 #35

California will be better off when these leeches leave. bluestarone Dec 2025 #36

Not a good idea jonstl08 Dec 2025 #37

Of course they will? OC375 Dec 2025 #39

50 million dollars one time kwolf68 Dec 2025 #40

So California will lose the tax money of people who don't pay taxes? LostOne4Ever Dec 2025 #41

Massachusetts was warned that the wealthy would flee if a wealth tax was instituted. TheRickles Dec 2025 #42

How will the government determine how much they owe? MichMan Dec 2025 #44

The low cost of living has never been a reason to live in California. Buddyzbuddy Dec 2025 #45

I hope they don't come to my state. BoomaofBandM Dec 2025 #47

Can they please move out of the US altogether? Luciferous Dec 2025 #49

Well, that's a good thing, isn't it? Scrivener7 Dec 2025 #51

Where they gonna move? Alabammie, for the lifestyle, right? bucolic_frolic Dec 2025 #52

Lol like how all the billionaires said theyll leave MA after their progreesive tax was passed? SSJVegeta Dec 2025 #53

Why are they in CA to begin with? Because they like it there. Maybe it's the weather. Intractable Dec 2025 #54

If they're willing to brave the threats of fire, earthquakes, floods, coastal erosion, etc., they'll leave over a Jmb 4 Harris-Walz Dec 31 #72

Billionaires will not ignore an entire economy as large as California. unblock Dec 2025 #55

Doesn't mean they have to live there to have investments MichMan Dec 2025 #66

Who cares if they leave? Their money is their only leverage. unblock Dec 2025 #69

There Goes John Galt lame54 Dec 2025 #56

NYC Billionaires said the same thing if Zoltan Mamdani were to be elected Mayor. no_hypocrisy Dec 2025 #57

You just nailed it. CoopersDad Dec 2025 #65

Is that a threat or a promise...? regnaD kciN Dec 2025 #59

What a terrible headline -- someone trying to take down Newsom? W_HAMILTON Dec 2025 #60

I'll still vote YES... just for s&g WarGamer Dec 2025 #62

Tax evasion is illegal. Patton French Dec 2025 #63

It's "Tax Avoidance" not Evasion DUU Dec 31 #86

This is just Billionaires leveraging their enormous privilege thought crime Dec 2025 #64

if every state did this, then where would they move? Takket Dec 2025 #67

"Right after I got here, i ordered some spaghetti with marinara and got egg noodles with ketchup" maxrandb Dec 2025 #68

This message was self-deleted by its author Celerity Dec 31 #70

Good riddance. travelingthrulife Dec 31 #75

No doubt, they would all love moving to Texas... dlk Dec 31 #77

Wait till he's President. Kid Berwyn Dec 31 #78

you know what ought to be done to explain the tax is Dyedinthewoolliberal Dec 31 #79

If we do not tax billionaires we will not have a democracy delisen Dec 31 #80

So, they will declare Bettie Dec 31 #82

The younger generation are noticing! MenloParque Dec 31 #83

IANAEM. I am not an English Major, but "Gavin Newsom warned" has two opposite meanings. usonian Dec 31 #84

The "wealth tax" seems like one of these demagogic gimmicks gulliver Dec 31 #85

Not only that, stocks change value daily, even hourly MichMan Dec 31 #92