{"id":1665840,"date":"2026-02-20T21:40:00","date_gmt":"2026-02-21T02:40:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1665840"},"modified":"2026-02-20T21:40:00","modified_gmt":"2026-02-21T02:40:00","slug":"steven-spielberg-flees-california-amid-raging-wealth-tax-battle","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/steven-spielberg-flees-california-amid-raging-wealth-tax-battle\/1665840\/","title":{"rendered":"Steven Spielberg Flees California Amid Raging Wealth Tax Battle"},"content":{"rendered":"

Steven Spielberg Flees California Amid Raging Wealth Tax Battle<\/span><\/p>\n

\n

Another day, another rich liberal leaving a state over policies they promoted.\u00a0<\/p>\n

In today’s episode of modern hypocrisy,\u00a0Steven Spielberg<\/strong>, director of blockbuster hits like Jaws<\/em>, E.T.<\/em>, Poltergeist<\/em>\u00a0and Saving Private Ryan<\/em>, has moved to Manhattan<\/strong>, according to the Los Angeles Times<\/a>. A spokesperson for one of Hollywood\u2019s most reliable Democrat Party donors was quick to insist the relocation has nothing to do with California\u2019s highly controversial wealth tax proposal.<\/p>\n

<\/a><\/p>\n

\u201cSteven\u2019s move to the East Coast is both long-planned and driven purely by his and Kate Capshaw\u2019s desire to be closer to their New York-based children and grandchildren<\/strong>,\u201d spokeswoman Terry Press told<\/a> the newspaper. Unsurprisingly, Press declined to say where Spielberg stands on the wealth tax when asked.<\/p>\n

California is now seriously considering a new wealth tax targeting billionaires, including a levy on unrealized gains. The idea has already spooked investors and contributed to several high-profile tech figures running for the exits. It\u2019s a familiar pattern when progressive policies finally start to bite, a surprising number of billionaires discover a sudden deep affection for Florida, Texas, or even New York.<\/p>\n

Google founders Larry Page and Sergey Brin quietly began unwinding portions of their financial empires<\/a> in California in the days leading up to Christmas, while Meta founder and CEO Mark Zuckerberg dropped<\/a> $150 million on a Miami mansion<\/strong>. Zuckerberg and his wife, Priscilla Chan had been looking for a home on Indian Creek Island, the ultra-exclusive, heavily guarded enclave nicknamed \u201cBillionaire Bunker\u201d that is already home to Amazon founder Jeff Bezos, former NFL star quarterback Tom Brady, and Jared Kushner and Ivanka Trump.<\/p>\n

Even Jeffrey Epstein pal Reid Hoffman, LinkedIn co-founder and major Democratic donor, has taken aim at the billionaire tax proposal,<\/strong> slamming it as a “horrendous idea” that could drive tech founders and executives out of the state.<\/p>\n

Rep. Khanna reached out to me to discuss the proposed California wealth tax; and while I am against the proposed tax, I’m always open to dialogue with our elected leaders.<\/p>\n

The proposed CA wealth tax is badly designed in so many ways that a simple social post cannot cover all of\u2026<\/p>\n

\u2014 Reid Hoffman (@reidhoffman) January 7, 2026<\/a><\/p>\n

“The proposed CA wealth tax is badly designed in so many ways that a simple social post cannot cover all of the massive flaws.<\/strong> One well-documented example is the horrendous idea to tax illiquid stock in the proposal. Poorly designed taxes incentivize avoidance, capital flight, and distortions that ultimately raise less revenue,” Hoffman said of the plan.<\/p>\n

Hedge fund billionaire Bill Ackman, a longtime Democrat who voted for Trump in the 2024 election, warned that California is on a “path to self-destruction.”<\/p>\n

California is on a path to self-destruction. Hollywood is already toast and now the most productive entrepreneurs will leave taking their tax revenues and job creation elsewhere.<\/p>\n

And then the Democrats highlight @CAgovernor<\/a> Newsom as a great leader. Crazy. https:\/\/t.co\/bFyLhARrNn<\/a><\/p>\n

\u2014 Bill Ackman (@BillAckman) December 27, 2025<\/a><\/p>\n

“Hollywood is already toast, and now the most productive entrepreneurs will leave, taking their tax revenues and job creation elsewhere<\/strong>,\u201d Ackman said.<\/p>\n

Our readers will recall that Tesla and SpaceX Ceo Elon Musk was one of the first big names to leave California years ago, citing the state\u2019s punishing taxes and its embrace of radical left-wing governance. The list keeps growing.<\/p>\n

Buckle up, Newsom. Musk was the first and Spielberg won\u2019t be the last.<\/strong><\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nFri, 02\/20\/2026 – 16:40<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/political\/steven-spielberg-flees-california-amid-raging-wealth-tax-battle<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Steven Spielberg Flees California Amid Raging Wealth Tax Battle Another day, another rich liberal leaving a state over policies they promoted.\u00a0 In today’s episode of…<\/p>\n","protected":false},"author":0,"featured_media":1665844,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1665840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1665840","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1665840"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1665840\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1665844"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1665840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1665840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1665840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}