From 47pc to 0: Entrepreneurs keen to escape CGT should look to the US

by · Australian Financial Review

Jessica GardnerUnited States correspondent
May 22, 2026 – 12.00pm

When a union in California began pushing for a one-off wealth tax on billionaires in 2025, Meta chief executive Mark Zuckerberg and Google co-founder Larry Page immediately packed up and headed east to evade the controversial policy.

Both bought multimillion-dollar homes in Florida, which has all the sun of California but none of the pesky state taxes. The relocations shield them from a 5 per cent wealth levy that critics, including Governor Gavin Newsom, say will hurt the economy by driving capital away.

Loading...

Save
Log in or Subscribe to save article
Share

Copy link

Copied

EmailLinkedInTwitterFacebook

Copy link

Copied

Share via...
Gift this article

Subscribe to gift this article

Gift 5 articles to anyone you choose each month when you subscribe.

Subscribe now

Already a subscriber? Login

License article

Introducing your Newsfeed

Follow the topics, people and companies that matter to you.

Find out more

Read More

Jessica GardnerUnited States correspondentJessica Gardner is The Australian Financial Review’s United States correspondent. She was previously deputy editor - news. Connect with Jessica on Twitter. Email Jessica at jgardner@afr.com

Latest In North America

Fetching latest articles