Spielberg Moves to Manhattan Amid Billionaire Exodus
Steven Spielberg, renowned for directing “ET,” has relocated from California to Manhattan. This comes at a time when many billionaires are leaving California as voters consider a contentious wealth tax proposal.
Interestingly, reports from the LA Times suggest his move is not linked to the proposed Billionaire Tax Act of 2026.
Terry Press, a spokesperson for Spielberg, clarified that the transition to the East Coast was a long-planned decision. He mentioned that the move was motivated by Spielberg and Kate Capshaw’s desire to be nearer to their children and grandchildren residing in New York.
Media inquiries about Spielberg’s views on the wealth tax, which aims to impose a one-time 5% tax on personal wealth over $1 billion, went unanswered. If passed in the upcoming November vote, the tax would be applied retroactively from the start of this year.
Proponents argue it could generate tens of billions of dollars to alleviate healthcare shortages in the state. However, critics, including Governor Gavin Newsom, believe it could drive wealthy individuals away.
In fact, Sergey Brin, co-founder of Google, is actively working to overturn the tax proposal. He has already invested significantly to resonate with California voters, who currently show strong support for the tax. Brin’s organization, Building a Better California, has raised $35 million to shield billionaires from tax implications.
Alongside Brin, other tech billionaires are preemptively seeking properties outside California. Both Brin and Larry Page, another Google co-founder, are reportedly interested in homes in Miami. Meanwhile, Facebook founder Mark Zuckerberg is said to be making a move to Florida.
Zuckerberg’s political standpoint seems more complex compared to Spielberg’s, as Spielberg has been a prominent supporter of the Democratic party, contributing heavily to campaigns. Notably, other influential progressives, such as Vermont Senator Bernie Sanders, have expressed support for the tax initiative. Sanders recently held a rally in Los Angeles to advocate for this policy.
He questioned the behavior of billionaires, asserting that, “never in American history have we seen such greed, arrogance, and moral corruption.”
Conversely, California Republicans caution that targeting billionaires with taxes may set a precedent for broader tax measures affecting lower-income groups. Representative Kevin Kiley has introduced a bill in Congress to prohibit retroactive taxes, arguing that this trend could eventually ensnare a wider demographic as the threshold lowers.
