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California Targets Billionaires for Tax | US News
California’s Franchise Tax Board is gearing up to audit some of the state’s wealthiest ex-residents—like Google’s Sergey Brin and Uber’s Travis Kalanick—to verify they’ve truly left, not just to avoid taxes. With a potential billionaire wealth tax on the ballot this fall—slated to hit those with over a billion dollars at the start of 2026 with a 5% levy—the board’s scrutiny is intensifying. Auditors will dig into school enrollments, car registrations, bank accounts, and medical records to prove real-life relocation, not just a new address. If voters approve the tax, the board’s enforcement…
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