Economist Behind California Billionaire Tax Proposal Says It Is Unlikely to Stay One-Time
Emmanuel Saez told a University of California Berkeley audience that surprising billionaires with a one-time tax would prove difficult, suggesting debate may shift to a permanent wealth tax. His comments came amid high-profile departures from California and Washington state by tech executives and billionaires seeking lower-tax environments.
nypost.comEmmanuel Saez, co-author of California’s proposed one-time tax on billionaires and a Marxist economics professor from France, said Tuesday that the levy is unlikely to remain a one-time imposition. “I don’t think it’s going to be a one-time tax. Because you can’t surprise billionaires more than once,” Saez said during a debate against economist Arthur Laffer at the University of California, Berkeley.
Post by @zerohedge on X
The event was recorded on video. ” The comments came as the Service Employees International Union–United Healthcare Workers West proposed a one-time 5% levy on California residents with assets over $1 billion. California is experiencing outflows of high-profile billionaires and executives.
Google co-founders Larry Page and Sergey Brin have moved to Florida due to its more favorable business and tax environment. Meta CEO Mark Zuckerberg purchased a $150 million mansion in Miami. This week Bloomberg reported that Palantir CEO Alex Karp purchased a Miami-area mansion for $46 million.
Palantir has recently relocated from Denver to Florida. Reid Hoffman publicly criticized California’s wealth tax proposal, describing it as a “horrendous idea” that would hasten the departure of tech founders and executives from the state. California is not the only state seeing such moves.
Former Starbucks CEO Howard Schultz announced his relocation from Washington state to Miami, Florida this week. The move came shortly after Washington state legislators advanced a bill imposing a tax on residents earning more than $1 million annually. Schultz wrote in a LinkedIn post: “We have moved to Miami for our next adventure together.
” @zerohedge reported on the debate and the pattern of relocations.
Key Facts
Story Timeline
5 events- 2026-05-06
Emmanuel Saez debated Arthur Laffer at University of California, Berkeley and stated the tax is unlikely to remain one-time
1 source@zerohedge - 2026-05-05
Bloomberg reported Palantir CEO Alex Karp purchased Miami-area mansion for $46 million
1 sourceBloomberg via @zerohedge - 2026-05-05
Former Starbucks CEO Howard Schultz announced relocation from Washington state to Miami
1 source@zerohedge - 2026-05-04
Washington state legislators advanced bill taxing residents earning more than $1 million annually
1 source@zerohedge - Recent weeks
Larry Page, Sergey Brin, Mark Zuckerberg, and Palantir completed moves or purchases in Florida
1 source@zerohedge
Potential Impact
- 01
Accelerated relocation of high-net-worth individuals and companies from California and Washington to Florida
- 02
Increased public scrutiny of wealth tax proposals following Saez's recorded comments
- 03
Shift in debate from one-time levy to discussion of permanent wealth tax in California
- 04
Potential revenue challenges for states pursuing higher taxes on wealthy residents
Transparency Panel
Related Stories
The GuardianWHO Chief Visits DRC as Ebola Death Rate Reaches 30-50%
World Health Organization director-general Tedros Adhanom Ghebreyesus arrived in the Democratic Republic of the Congo to support containment of a new Ebola outbreak. The agency revised the death rate to 30-50% based on confirmed cases and recorded 10 confirmed and 223 suspected d…
westernjournal.comGreek National Charged in UK With Aiding Iran-Linked Intelligence Service
A 46-year-old Greek man living in Germany was charged under the UK National Security Act with assisting an intelligence service believed to be Iran by targeting a journalist at Iran International.
upi.comSupreme Court Revives Havana Docks Lawsuit Over Confiscated Cuban Property
The U.S. Supreme Court sent a Helms-Burton Act case back to lower courts for further argument. The suit seeks damages from cruise lines that used docks seized by Cuba in 1959.