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As Google co-founder Larry Page and Oracle founder Larry Ellison become some of the latest high-profile Californians to flee, an insider is warning that the “mass migration” of billionaire business leaders out of the state is only going to speed up in 2026.
Silicon Valley tech entrepreneur Allison Huynh told Fox News Digital that two “rage bait” tax proposals she believes Democrats are using to get voters to the polls this November could be the final nail in the coffin for California.
Huynh is a startup founder and investor as well as a former fundraiser for former Presidents Barack Obama and Joe Biden.
According to Huynh, the two tax proposals, an annual wealth tax proposal and a 2026 Billionaire Tax Act, would cause a “mass migration,” starting with “not just the billionaires, but the people who are investing in new ideas, in new infrastructure, whether it’s AI, healthcare, tech, robotics.”
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Public filings reviewed by Fox News Digital from the California Secretary of State’s office show several business entities linked to the Google co-founder were moved out of the state in December, ahead of the Jan. 1, 2026 residency date tied to the proposed tax. Those filings indicate his family office, Koop LLC, and his influenza research fund, Flu Lab LLC, no longer list California, while a flying-car venture, One Aero, now lists its primary address in Florida.
Meanwhile, Ellison has taken steps that signal a potential pullback from California, though details of a reported $45 million off-market sale of his San Francisco home have not been independently confirmed by major outlets. The New York Post reported the sale and said it would mark the city’s largest real estate transaction of 2025.
With these exits in mind, Hyunh likened the proposed tax hikes to a restaurant about to go out of business.
“Instead of lowering the price, they increase the price,” she said. “And then you go into the restaurant, and it’s like $50 for a bowl of really bad dumplings.”
According to Huynh, the annual wealth tax would impose a one to 1.5 percent tax on anything over $50 million.
“And that’s paper valuation,” she explained. “So, for example, if you have $1 million in liquid assets, that’s cash, and $49 million, say, in artwork or in a house that you inherited from your family, you would be responsible for the entire 50 million in terms of your cost basis for that 1 percent.”
The second proposal, the 2026 Billionaire Tax Act, would impose a one-time five percent tax on any asset valued above $1 billion, including a business holding.
“You could be a founder, you could be a tech star, and you could be worth a hundred billion dollars. But say you only have like $2 million in liquid assets because all that money is used to run your new AI company. Well, doesn’t matter; you’re going to be taxed entirely on that $100 billion. And so, effectively, you owe the state of California one time, $5 billion.“
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Though the impact of these proposals would be catastrophic, Huynh said she believes that California Democrats view them as “rage bait” to motivate voters to show up at ballot boxes during this year’s midterm election.
“It is the Democrats’ answer to MAGA,” she explained, saying it’s a type of “Eat the rich.”
Though proposed in the California Assembly, the annual tax proposal is not currently on track to be added to the November ballot. Proponents of the billionaire tax, however, are currently gathering signatures for the proposal to be added to the ballot.
According to Huynh, billionaires and business leaders are not waiting to see the final outcome.
“So many people I know, including certain family members, have all of a sudden sold their house in two days in the state of California. And many of them went house shopping in Florida, in Texas, and also in Puerto Rico,” she said. “These are founders, investors in robotics, in AI companies. They are controversial, but you have to admit they have created a lot of value, thousands and hundreds of thousands of jobs in California.”
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“We can’t sanction these billionaires to be in the California jurisdiction,” she said, exasperated. “So why are we forcing bad legislation that will drive the vast majority of the investors in California businesses, and they will likely take their businesses with them, their multi-billion-dollar businesses with them? We saw that with SpaceX. We saw that with Oracle, they’ll take it with them to Texas, to Tennessee, to Florida, and all the thousands and thousands of jobs with it. And there’s nothing we can do,”
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“They’re not going to want to be in California,” she said, adding, “This is a very, very dangerous move.”
Fox Business’ Kristen Altus contributed to this report.
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